Less Ads, More Data, More Tools Register for FREE

Pin to quick picksJadestone Energy Share News (JSE)

Share Price Information for Jadestone Energy (JSE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 32.00
Bid: 31.50
Ask: 32.50
Change: 0.00 (0.00%)
Spread: 1.00 (3.175%)
Open: 32.00
High: 32.00
Low: 31.50
Prev. Close: 31.50
JSE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Jadestone Energy Begins Arbitration Proceedings Against Inpex Unit

Fri, 03rd Jul 2020 11:52

(Alliance News) - Jadestone Energy Inc on Friday sad it has started arbitration proceedings against Inpex Corp subsidiary Teikoku Oil (Con Son) Co Ltd over the Block 05-1 production sharing contract in offshore Vietnam.

Jadestone signed a definitive sale and purchase agreement with Teikoku in August 2016 to buy a 30% working interest in the block for USD14.3 million subject to normal closing adjustments.

However, in Feburary 2018 Inpex sent a purported notice of termination of the agreement despite Teikoku having obtained a waiver from Vietnam Oil & Gas Group of statutory pre-emption rights plus and direction from Petrovietnam submit all documents needed to transfer the 30% interest to Jadestone.

Jadestone has not accepted the alleged termination as takes the view that all obligations under the sale and purchase agreement remain in place.

Jadestone and Inpex negotiated in 2018 and 2019, with Jadestone still hoping to secure interest in the block. Having now assesses all options, Jadestone has decided to challenge the purported termination and "seek specific performance by Teikoku to fulfil its obligations".

As such, the Asia Pacific-focused oil and gas production company has filed notice of arbitration with the Singapore International Arbitration Centre.

President & Chief Executive Paul Blakeley said: "We intend to complete our planned acquisition of a 30% interest in Block 05-1 from Inpex. Prior to the purported termination, the parties had worked together and made very substantial progress toward closing the deal, a process which included Inpex requesting that the deal not be terminated even after the long stop date had passed, and with the objective of obtaining Petrovietnam's waiver of their pre-emptive rights, which was then achieved in early February 2018.

"While commencing arbitration is never an easy decision, we have exhausted all avenues to come to an amicable conclusion, and now feel Inpex's continued unwillingness to complete the SPA constitutes a material breach of their obligations, to the detriment of potential value for Jadestone shareholders."

Shares in Jadestone were down 1.6% at 65.94 pence in London on Friday morning.

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
25 Sep 2020 15:48

IN BRIEF: Jadestone Says Longstop Date For Maari Buy Pushed Back

IN BRIEF: Jadestone Says Longstop Date For Maari Buy Pushed Back

Read more
25 Sep 2020 13:54

Friday broker round-up

(Sharecast News) - Pets At Home: Berenberg reiterates buy with a target price of 450.0p.

Read more
10 Sep 2020 18:10

IN BRIEF: Jadestone Energy Profit Falls On Oil Price Plunge

IN BRIEF: Jadestone Energy Profit Falls On Oil Price Plunge

Read more
3 Sep 2020 20:36

IN BRIEF: Jadestone Energy Reports New Stag Offtake Arrangements

IN BRIEF: Jadestone Energy Reports New Stag Offtake Arrangements

Read more
3 Sep 2020 16:00

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
3 Jul 2020 14:21

Jadestone launches arbitration against Inpex subsidiary

(Sharecast News) - Asia-Pacific focussed oil and gas production company Jadestone Energy has started arbitration proceedings against Teikoku Oil Con Son - a wholly-owned subsidiary of Inpex Corporation - over Jadestone's acquisition of an interest in Block 05-1 PSC, offshore Vietnam, it announced on Friday.

Read more
30 Jun 2020 07:00

IN BRIEF: Jadestone To Buy 90% Lemang PSC Interest In Indonesia

IN BRIEF: Jadestone To Buy 90% Lemang PSC Interest In Indonesia

Read more
11 Jun 2020 16:17

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

Read more
28 May 2020 14:07

Jadestone Energy Quarterly Profit Rises; Unaffected By Virus Outbreak

Jadestone Energy Quarterly Profit Rises; Unaffected By Virus Outbreak

Read more
28 May 2020 13:34

Thursday broker round-up

(Sharecast News) - Provident Financial: RBC Capital Markets reiterates sector performer with a target price of 195p.

Read more
24 Apr 2020 06:56

Jadestone Energy Cuts 2020 Capex By 80% Amid Virus Outbreak

Jadestone Energy Cuts 2020 Capex By 80% Amid Virus Outbreak

Read more
22 Apr 2020 15:40

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

Read more
16 Apr 2020 15:58

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
19 Mar 2020 14:30

Jadestone Energy Puts Nam Du and U Minh Project On Pause

Jadestone Energy Puts Nam Du and U Minh Project On Pause

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.