Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksJadestone Energy Regulatory News (JSE)

  • This share is currently suspended. It was suspended at a price of 23.75

Share Price Information for Jadestone Energy (JSE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 23.75
Bid: 0.00
Ask: 0.00
Change: 0.00 (0.00%)
Spread: 0.00 (0.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 23.75
JSE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Arbitration Commences Over Vietnam Acquisition

3 Jul 2020 07:00

RNS Number : 9155R
Jadestone Energy Inc.
03 July 2020
 

Jadestone Energy Inc. 

Arbitration Commences Over Vietnam Acquisition

 

July 3, 2020-Singapore: Jadestone Energy Inc. (AIM:JSE) ("Jadestone", or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, announces that it has commenced arbitration proceedings against Teikoku Oil (Con Son) Co. Ltd ("Teikoku"), a wholly-owned subsidiary of Inpex Corporation ("Inpex"), in respect of Jadestone's acquisition of an interest in Block 05-1 PSC, offshore Vietnam.

 

On August 9, 2016, Jadestone, as buyer, 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, for a total cash consideration of US$14.3 million, subject to normal closing adjustments.

 

On February 22, 2018, Inpex delivered to Jadestone a purported notice of termination of the SPA, despite Teikoku having just received on February 9, 2018, (i) the waiver by Vietnam Oil and Gas Group ("Petrovietnam") of their statutory pre-emption rights, held under Vietnamese law; and (ii) direction from Petrovietnam to complete and submit all documents necessary to effect the transfer of interest to Jadestone. As noted in our press release of February 26, 2018, the Company has not accepted Inpex's alleged termination, and views the obligations of both parties under the SPA as continuing.

 

Jadestone and Inpex engaged in negotiations over an extended period in 2018 and 2019, which the Company pursued with the objective of securing its interest in Block 05-1 PSC. Jadestone has assessed its options, including advice from Queen's Counsel, as the SPA is subject to English law, and has determined that it is in the best interest of shareholders to challenge Teikoku's purported termination of the SPA, and to seek specific performance by Teikoku to fulfil its obligations under the SPA.

 

To that end, the Company has filed a notice of arbitration with the Singapore International Arbitration Centre in accordance with terms of the SPA.

 

Paul Blakeley, President and CEO commented:

"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."

 

- Ends -

 

Enquiries

Jadestone Energy Inc.

+65 6324 0359 (Singapore)

Paul Blakeley, President and CEO

+1 403 975 6752 (Canada)

Dan Young, CFO

+44 7392 940 495 (UK)

Robin Martin, Investor Relations Manager

ir@jadestone-energy.com

 

 

Stifel Nicolaus Europe Limited (Nomad, Joint Broker)

+44 (0) 20 7710 7600 (UK)

Callum Stewart

 

Simon Mensley

 

Ashton Clanfield

 

 

 

BMO Capital Markets Limited (Joint Broker)

+44 (0) 20 7236 1010 (UK)

Thomas Rider

 

Jeremy Low

 

Thomas Hughes

 

 

 

Camarco (Public Relations Advisor)

+44 (0) 203 757 4980 (UK)

Georgia Edmonds

jadestone@camarco.co.uk

Billy Clegg

 

James Crothers

 

 

About Jadestone Energy Inc.

Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.

 

The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block. In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand, and anticipates completing the transaction in H2 2020, upon receipt of customary approvals. The Company has recently executed an agreement to acquire an operated 90% interest in the Lemang production sharing contract, onshore Sumatra, Indonesia, and anticipates completing the transaction in Q1 2021, upon receipt of customary approvals. The block includes the Akatara gas field.

 

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia Pacific region.

Jadestone Energy Inc. is listed on the AIM market of the London Stock Exchange. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.

 

Cautionary statements

Certain statements in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.

 

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "is targeting", "estimated", "intend", "plan", "guidance", "objective", "projection", "aim", "goals", "target", "schedules", and "outlook"). In particular, forward-looking statements in this press release include, but are not limited to statements regarding the outcome of the dispute with Teikoku and completion of the acquisition under the SPA.

 

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCBLGDRDUGDGGD
Date   Source Headline
27th Mar 20241:06 pmRNSBoard Changes
25th Mar 20247:00 amRNSBoard Changes
22nd Mar 20247:00 amRNSAMENDMENT: Share Awards and Director Share Dealing
18th Mar 20247:00 amRNSVesting of Share Awards and Director Share Dealing
28th Feb 20247:00 amRNSJadestone to present at Shares Investor Event
26th Feb 20247:00 amRNSBlock Listing Six Monthly Return
23rd Feb 20247:00 amRNSProposed Board Changes
14th Feb 20247:00 amRNSCompletion of CWLH Oil Fields Interest Acquisition
13th Feb 20247:34 amRNSResponse to Media Speculation & Trading Suspension
13th Feb 20247:30 amRNSSuspension - Jadestone Energy PLC
31st Jan 20247:02 amRNSTrading update for the year ended 31 December 2023
26th Jan 20247:25 amRNSGas Sales Agreement Signed for NDUM in Vietnam
25th Jan 20247:01 amRNSAppointment of Independent Non-Executive Director
25th Jan 20247:00 amRNSAppointment of Joint Corporate Broker
15th Jan 20247:00 amRNS2024 Guidance and Corporate Update
21st Dec 20237:00 amRNSInterim GHG Emissions Reduction Targets
4th Dec 20237:00 amRNSMalaysia Drilling and Corporate Update
14th Nov 20237:00 amRNSAcquisition of CWLH field interest
13th Nov 20237:00 amRNSOperational Update
18th Oct 20237:00 amRNSAppointment of Non-Executive Director
9th Oct 20237:00 amRNSFinancing and Operational Update
19th Sep 20237:00 amRNS2023 Half Year Results
7th Sep 20237:00 amRNSMontara Update
5th Sep 20237:00 amRNSNotice of first-half 2023 results
31st Aug 20239:27 amRNSMontara Restart Plan and Operations Update
29th Aug 20237:00 amRNSBlock Listing Six Monthly Return
23rd Aug 20237:08 amRNSMontara Operations Update
10th Aug 20232:32 pmRNSMontara Operations Update
31st Jul 20237:00 amRNSMontara Operations Update
20th Jul 20237:00 amRNSTrading update for half-year ending 30 June 2023
14th Jul 20233:58 pmRNSTR-1: Notification of major holdings
5th Jul 20237:00 amRNSInvestor Presentation via Investor Meet Company
30th Jun 202310:13 amRNSResults of AGM
30th Jun 20237:00 amRNSCorporate Update
29th Jun 20237:00 amRNSResult of the Open Offer and Total Voting Rights
19th Jun 202311:15 amRNSTR-1: Notification of major holdings
15th Jun 202312:36 pmRNSTR-1: Notification of major holdings
12th Jun 20237:01 amRNSTR1: Notification of Major Holdings
12th Jun 20237:00 amRNSTR1: Notification of Major Holdings
9th Jun 20238:00 amRNSAdmission and Commencement of Open Offer
7th Jun 20237:02 amRNSAvailability of Annual Report and Notice of AGM
7th Jun 20237:00 amRNSResults of Financing
6th Jun 20234:58 pmRNSProposed Financing
25th May 20237:05 amRNSAmended Notice of Results
22nd May 202312:53 pmRNSClosing of US$200 million RBL Facility
19th May 202311:16 amRNSSigning of US$200 million RBL Facility
17th May 20237:09 amRNSNOPTA Approval of CWLH Asset Title Transfer
12th May 20237:00 amRNSDirector Share Dealing
11th May 20237:00 amRNSDirector Share Dealing
11th May 20237:00 amRNSChange of Registered Office

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

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.