TIDMJSE
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 ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
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 jadestone@camarco.co.uk
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.
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END
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