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(Alliance News) - Jadestone Energy Inc on Monday said it has formally submitted its field development plan for the Nam Du and U Minh gas fields in offshore southwestern Vietnam.
The plan was submitted to Vietnam Oil & Gas Group - also known as Petrovietnam - and, with its endorsement, can then be considered for approval by Vietnam's government. This governmental approval is expected later in 2019 and "will constitute formal development sanction for the fields".
Jadestone President & Chief Executive Paul Blakely said: "We have made significant strides toward our proposed southwest Vietnam gas development, with all key work streams progressing as intended. This is a major growth project for Jadestone and, with the submission of our field development plan, we now have a clear line of sight toward formal development sanction which is expected to be received later this year. In the meantime, our negotiations are progressing well toward finalising a gas sales and purchase agreement in accordance with the heads of agreement signed with Petrovietnam earlier this year."
Shares in Jadestone were down 0.1% at 53.21 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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