Jadestone Energy Inc. Award of Damages in Respect of Arbitration (2661Z)
09 Gennaio 2020 - 8:11AM
UK Regulatory
TIDMJSE
RNS Number : 2661Z
Jadestone Energy Inc.
09 January 2020
Jadestone Energy Inc.
Jadestone Energy Announces Award of Damages in Respect of
Philippines Arbitration
January 9, 2020-Singapore: Jadestone Energy Inc. (AIM:JSE,
TSXV:JSE) ("Jadestone" or the "Company"), an independent oil and
gas production company focused on the Asia Pacific region,
announces an award of monetary damages, plus a portion of the legal
costs and expenses, as a result of an arbitration action between
its wholly owned subsidiary Mitra Energy (Philippines SC-56) Ltd
("Mitra SC56") and Total E&P Philippines BV ("Total").
Mitra SC56 commenced the arbitration action in response to a
breach of the 2012 farm out agreement between Mitra SC56 and Total
(the "FOA"), claiming that, among other things, Total failed to
drill an exploration well on the deepwater Halcon prospect, located
within the block covered by Service Contract 56 ("SC56") in the
Sulu Sea, offshore the Philippines.
The tribunal found in favour of Mitra SC56, concluding that
Total breached the FOA, awarding (i) monetary damages to Mitra SC56
of US$11,075,000, less specific expenditures incurred prior to the
breach to be agreed or determined if the parties cannot agree; and
(ii) legal costs of approximately US$4,300,000. The tribunal's
costs will be borne by Mitra SC56 and Total 25:75.
When considering the aggregate award, together with amounts
payable by Mitra SC56 including legal fees plus repayment of a
third party funding facility used to finance the arbitration action
and other related fees, the Company anticipates it will not
experience a significant change to its cash position.
Total remains the Operator of SC56 with a 75% interest, with
Mitra SC56 holding the remaining 25%.
Paul Blakeley, President and CEO commented:
"The SC56 asset is not consistent with our strategy and was
inherited from the former Mitra Energy management team. It has
remained in the Jadestone portfolio solely as a result of the
carried well commitment, which was intended to provide a cost-free
option to further test this frontier basin. It was important for
the Company and our shareholders to pursue our legal rights to a
successful conclusion. With the satisfactory resolution of this
matter, we can now refocus on our strategy to deliver exceptional
value to shareholders, through investment in producing assets and
discoveries which can be quickly developed for early cash
flow."
- Ends -
Enquiries
Jadestone Energy Inc. +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +1 403 975 6752 (Canada)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Nicholas Rhodes
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)
Billy Clegg jadestone@camarco.co.uk
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.
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 throughout the Asia
Pacific region.
Jadestone Energy Inc. is currently listed on the TSXV and AIM.
The Company is headquartered in Singapore. For further information
on Jadestone please visit www.jadestone-energy.com.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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