Financial Wire

Jadestone Secures Gas Sales Agreement for Vietnam Fields, Eyes 2028 Production

-- Jadestone Energy said Monday that it signed a gas sales deal for its Vietnam fields, targeting output of 80 million standard cubic feet per day with production expected to begin in late 2028.

The agreement covers gas supply from the Nam Du and U Minh discoveries offshore southwest Vietnam, the company said.

The deal aligns with the development plan approved on March 18, 2026, with first production targeted in late 2028, it added.

Under the deal, gas will be sold to PV Gas, a unit of state-owned Petrovietnam, under defined supply and pricing terms, Jadestone said.

The contract sets a daily supply level of 80 MMscf/d, with flexibility up to 110% and a take-or-pay clause covering 90% of volumes, the company added.

Pricing is linked to historical Vietnam gas import levels, with annual escalation built into the agreement, ensuring predictable revenue over time, Jadestone said.

The fields hold about 32 million barrels of oil equivalent in proven and probable reserves, supporting long-term production potential, the company noted.

Jadestone also sees upside from nearby prospects, estimating up to 1.5 trillion cubic feet of additional gas that could extend plateau output and enhance project value, the company said.

Chief Executive Officer T. Mitch Little said the agreement marks a key milestone for Jadestone, enabling progress toward project execution, with a focus on contract awards, while supporting Vietnam's energy security, economic growth, and long-term emissions goals.

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