Business
Settlement in Respect of Vietnam Dispute
Settlement in Respect of Vietnam Dispute.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9536E\n Jadestone Energy Inc.\n 11 November 2020\n \n \n \n \n \n Jadestone Energy Inc.\n \n \n \n \n Settlement in Respect of Vietnam Dispute \n \n \n \n \n \n \n November 11, 2020-Singapore: \n \n 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. \n \n \n \n \n \n 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.\n \n \n \n \n \n - Ends -\n \n \n \n \n \n Enquiries\n \n \n \n \n \n \n Jadestone Energy Inc.\n \n \n \n \n +65 6324 0359 (Singapore)\n \n \n \n \n \n \n Paul Blakeley, President and CEO\n \n \n \n \n +44 7392 940 495 \n (UK)\n \n \n \n \n \n \n Dan Young, CFO\n \n \n \n \n +1 403 975 6752 (Canada)\n \n \n \n \n \n \n Robin Martin, Investor Relations Manager\n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Stifel Nicolaus Europe Limited (Nomad, Joint Broker)\n \n \n \n \n +44 (0) 20 7710 7600 (UK)\n \n \n \n \n \n \n Callum Stewart\n \n \n \n \n \n \n \n \n \n Simon Mensley\n \n \n \n \n \n \n \n \n \n Ashton Clanfield\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n BMO Capital Markets Limited (Joint Broker)\n \n \n \n \n +44 (0) 20 7236 1010 (UK)\n \n \n \n \n \n \n Thomas Rider\...