Information  X 
Enter a valid email address

Jadestone Energy Inc (JSE)

  Print   

Wednesday 11 November, 2020

Jadestone Energy Inc

Settlement in Respect of Vietnam Dispute

RNS Number : 9536E
Jadestone Energy Inc.
11 November 2020
 

Jadestone Energy Inc.
 

Settlement in Respect of Vietnam Dispute

 

November 11, 2020-Singapore: Jadestone Energy Inc. (AIM:JSE) ("Jadestone", or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, announces settlement of a dispute with Teikoku Oil (Con Son) Co. Ltd. ("Teikoku"), a wholly owned subsidiary of INPEX Corporation, in respect of Block 05-1 PSC, offshore Vietnam. 

 

On August 8, 2016, the Company, through a wholly owned affiliate, signed a definitive sale and purchase agreement ("SPA") with Teikoku, as seller, for the acquisition of a 30% working interest in Block 05-1 PSC.  On February 22, 2018, Teikoku delivered to the Company a notice of termination of the SPA.  As noted in the Company's press release of February 26, 2018, Jadestone did not accept the termination.  Following prolonged negotiations, the Company filed a notice of arbitration in relation to the matter with the Singapore International Arbitration Centre on July 3, 2020.  The Company and Teikoku have agreed a full and final settlement in respect of the dispute.  When considering the amount payable under the settlement, together with fees payable by the Company, Jadestone will not experience a significant increase in its cash position.

 

- Ends -

 

Enquiries

Jadestone Energy Inc.

+65 6324 0359 (Singapore)

Paul Blakeley, President and CEO

+44 7392 940 495 (UK)

Dan Young, CFO

+1 403 975 6752 (Canada)

Robin Martin, Investor Relations Manager

[email protected]

 

 

Stifel Nicolaus Europe Limited (Nomad, Joint Broker)

+44 (0) 20 7710 7600 (UK)

Callum Stewart

 

Simon Mensley

 

Ashton Clanfield

 

 

 

BMO Capital Markets Limited (Joint Broker)

+44 (0) 20 7236 1010 (UK)

Thomas Rider

 

Jeremy Low

 

Thomas Hughes

 

 

 

Camarco (Public Relations Advisor)

+44 (0) 203 757 4980 (UK)

Georgia Edmonds

[email protected]

Billy Clegg

 

James Crothers

 

 

About Jadestone Energy Inc.

Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region.  It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.

 

The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore Australia.  Both the Stag and Montara assets include oil producing fields, with further development and exploration potential.  The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.  

 

In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand, and anticipates completing the transaction in H2 2020, upon receipt of customary approvals.  The Company has recently executed an agreement to acquire an operated 90% interest in the Lemang PSC, onshore Sumatra, Indonesia, and anticipates completing the transaction in Q1 2021, upon receipt of customary approvals.  The block includes the Akatara gas field.

 

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia Pacific region.

 

Jadestone Energy Inc. is listed on the AIM market of the London Stock Exchange.  The Company is headquartered in Singapore.  For further information on Jadestone please visit www.jadestone-energy.com .

 

Cautionary statements

Certain statements in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws.  The forward-looking statements contained in this press release are forward-looking and not historical facts.

 

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "is targeting", "estimated", "intend", "plan", "guidance", "objective", "projection", "aim", "goals", "target", "schedules", and "outlook").

 

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements.  By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur.  Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone.  The forward-looking information contained in this news release speaks only as of the date hereof.  The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

 

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, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
STRUAVNRROUAARA

a d v e r t i s e m e n t