Vietnam Gas Sales Agreement Signed

Jadestone Energy PLC

20 April 2026

 

Vietnam Gas Sales Agreement Signed

20 April 2026 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group"), an independent upstream production and development company focused on the Asia-Pacific region, is pleased to announce the signing of the Gas Sales and Purchase Agreement ("GSPA") for the supply of gas from the Nam Du / U Minh discoveries offshore Vietnam.

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

"The execution of this agreement is a pivotal moment for Jadestone.  After years of dedicated effort, we are now in a position to deliver the Nam Du/U Minh development, which will materially strengthen our portfolio while supporting our growth ambitions. With all key commercial and technical approvals now in place, and recent key hires into the Jadestone Vietnam project delivery team, we are now focused on rapidly progressing towards the project execution phase. Our near-term priorities are to conclude the bid evaluation for the FPSO and field infrastructure, and award their respective contracts during the second half of this year.

We thank all of our stakeholders in Vietnam for supporting the recent progress on Nam Du/U Minh, and we look forward to working with them to deliver the development safely and efficiently. Over the project life, we expect that the development and production phases will generate significant local employment opportunities, material contract awards to local Vietnam companies, and hundreds of millions of dollars in government revenues. The Nam Du/U Minh project also supports Vietnam's strategic plan and net zero ambitions, prioritizing sovereign resources to enhance Vietnam's energy security and economic growth alongside the transition to lower emitting sources of fuel." 

Nam Du/U Minh GSPA

The Nam Du/U Minh discoveries are located offshore southwest Vietnam in shallow waters, with production targeted to commence in late-2028, as per the approved field development plan previously announced on 18 March 2026.

The finalized GSPA sets out the terms on which gas will be supplied from the Nam Du/U Minh fields offshore Vietnam to PV Gas, a subsidiary of Petrovietnam, the state-owned national energy industry group of Vietnam. Key elements of the GSPA include:

·      A daily contract quantity ("DCQ") of 80 MMscf/d, or ~13,000 boe/d (gross).

·      Maximum DCQ set at 110% of DCQ.

·      Take-or-pay is set at 90% of DCQ, equivalent to approximately 26 Bscf per year during the plateau period.

·      The wellhead gas price is comparable to historical Vietnam gas imports and subject to fixed annual escalation.

Combined, the Nam Du/U Minh fields contain independently audited gross 2P reserves of 32 MMboe. Jadestone estimates up to 1.5 trillion cubic feet of gross unrisked gas in place from seismically supported prospects within the existing licenses, much of which lies in close proximity to Nam Du/U Minh, representing low risk upside potential which could extend and/or increase plateau production from the initial development.

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For further information, please contact:

Jadestone Energy plc
Phil Corbett, Head of Investor Relations	[phone] (UK)
	[e-mail]
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	[phone] (UK)
Callum Stewart
Jason Grossman
Ashton Clanfield
Berenberg (Joint Broker)	[phone] (UK)
Ciaran Walsh
Dan Gee-Summons
Ryan Mahnke
Camarco (Public Relations Advisor)	[phone] (UK)
Billy Clegg	[e-mail]
Georgia Edmonds
Poppy Hawkins

About Jadestone Energy

Jadestone Energy plc is an independent upstream company focused on the Asia-Pacific region. It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia and Vietnam, all stable jurisdictions with a positive upstream investment climate.

The Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in regional upstream development and operations and managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE).  The Company is headquartered in Singapore.  For further information on the Company please visit www.jadestone-energy.com.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.  

The technical information contained in this announcement has been prepared in accordance with the June 2018 guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum Resource Management System.

Shahbaz Sikandar of Jadestone Energy plc, Group Subsurface Manager with a Masters degree in Petroleum Engineering, and who is a member of the Society of Petroleum Engineers and has worked in the energy industry for more than 25 years, has read and approved the technical disclosure in this presentation.

Glossary

2P Reserves	Proved and Probable Reserves. Those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus 2P. In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate
boe/d	barrels of oil equivalent per day
Bscf	billion standard cubic feet
MMboe	million barrels of oil equivalent
MMscf/d	million standard cubic feet per day

 

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