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Jadestone Energy Announces Settlement in Respect of Vietnam Dispute

Source: www.gulfoilandgas.com 11/11/2020, Location: Asia

Jadestone Energy Inc., 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.

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