Business
Vietnam Field Development Plan Approved
Jadestone Energy plc has received formal approval from the Vietnam Government for the Field Development Plan for the Nam Du / U Minh gas discoveries, a significant milestone enabling the booking of initial 2P reserves of 32 MMboe on a 100% basis and positioning the company to launch farm-in partner discussions. This development will establish a new production hub offshore Southwest Vietnam, with advanced tendering for main project infrastructure expected to generate substantial contract awards for local companies and significant government revenues, supporting Vietnam's energy security and economic growth. The company has also appointed Phil Cunningham as Vietnam Country Manager to lead the development phase. Disclaimer*
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\n\n\nVietnam Field Development Plan Approved\n \n18 March 2026 - Singapore: Jadestone Energy plc (AIM:JSE) (the \"Company\" and together with its subsidiaries, \"Jadestone\" or the \"Group\"), an independent upstream production and development company focused on the Asia-Pacific region, is pleased to announce that the Field Development Plan (\"FDP\") for the Nam Du / U Minh gas discoveries offshore Vietnam has been formally approved by the Vietnam Government.\n \nT. Mitch Little, Chief Executive Officer of Jadestone, commented:\n \n\"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. \n \nNam 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.\"\n \nJadestone 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 w...