Jadestone Energy (AIM:JSE) has signed a Gas Sales and Purchase Agreement (GSPA) with PV Gas, a subsidiary of state group Petrovietnam, to take gas from the Nam Du / U Minh offshore discoveries.
The contract sets a daily contract quantity (DCQ) of 80 MMscf/d (approximately 13,000 boe/d gross), with a 110% maximum DCQ and a 90% take‑or‑pay commitment — roughly 26 Bscf per year at plateau. The wellhead price is described as comparable to historical Vietnam gas imports and will escalate at fixed annual rates.
"Our near‑term priorities are to conclude the bid evaluation for the FPSO and field infrastructure, and award their respective contracts during the second half of this year," said chief executive T. Mitch Little.
Jadestone says the field development plan was approved on 18 March and production is targeted to commence in late‑2028. The Nam Du/U Minh fields carry independently audited gross 2P reserves of 32 MMboe, and the company estimates up to 1.5 Tcf of gross unrisked gas in place in nearby prospects, which it sees as low‑risk upside to extend or raise plateau volumes.
Jadestone says the agreement clears the key commercial hurdle and will accelerate the project into execution and contract awards in H2.
