AIM-listed Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, has announced that the Field Development Plan ('FDP') for the Nam Du / U Minh gas discoveries offshore Vietnam has been formally approved by the Vietnam Government.
T. Mitch Little, Chief Executive Officer of Jadestone, commented:
'The FDP approval is a milestone achievement in the commercialization of the Nam Du / U Minh fields. It allows us to book initial 2P reserves for the project of 32 MMboe[1]and solidify discussions with potential farm in partners as we are now positioned to formally launch that process. I would like to thank all of our stakeholders in Vietnam for their leadership on this project approval, and Jadestone's talented Vietnam team for their resiliency and dedication to bring us to this point. We are very pleased to welcome Phil Cunningham as Country Manager. His industry experience, particularly in Vietnam, will be of great benefit to Jadestone as we now push forward into the development phase.
Nam Du / U Minh will establish a new production hub offshore Southwest Vietnam. The tendering process for the main project infrastructure is well advanced, with the development expected to result in significant contract awards to local Vietnam companies, and generate substantial government revenues, over its life. Importantly, the project supports Vietnam's strategic plan, prioritizing sovereign resources to enhance Vietnam's energy security and economic growth, while also creating significant local employment opportunities. Beyond the approved development there is significant upside potential within our existing licenses, which, if proven, will position Jadestone as a key contributor to Vietnam's gas supply for decades to come.'
Jadestone is pleased to announce that, in preparation for the development phase in Vietnam, it has recruited Phil Cunningham as Vietnam Country Manager. Phil has over 30 years' experience in the upstream industry, including positions of increasing seniority with some of the world's largest upstream companies. He joins Jadestone after working for TotalEnergies, where he most recently served as Managing Director and Country Chair for Italy, and previously served in a similar role in Norway. Earlier in his career, he spent nine years working in a variety of roles across Southeast Asia, including in Vietnam as a development engineer and then upstream operations manager for BP, as well as Vietnam asset manager for Premier Oil. Phil is a chartered chemical engineer and a Fellow of the IChemE.
Source: Jadestone Energy
