On 26 February 2018, Jadestone Energy received a notice of termination from Teikoku Oil (Con Son) Co Ltd, a wholly owned subsidiary of Inpex Corporation, in relation to the Sale and Purchase Agreement (SPA) for the acquisition of a 30% working interest in the Blocks 05-1b and 05-1c. The notice of termination was received after PetroVietnam waived its statutory pre-emption rights in the blocks. Jadestone reported that it was assessing options as it was not accepting the termination.  The Sale and Purchase Agreement (SPA) was announced on 9 August 2016. The SPA is subject to a pre-emption right held by existing partners under the block JOC, to be exercise within 30 days of receipt of the signed SPA, and a statutory pre-emption right held by Petrovietnam under the Vietnamese law.Â  The SPA includes a cash consideration of US$ 14.3 million and additional contingent payments, which are linked to the project sanction and the delivery of first sales gas from the project in the amounts of USD9.8 million and USD 5.9 million respectively. Blocks 05-1b & 05-1c is approximately 927 sq km and located in water depth ranges of around 120 m.Â  The block contains two appraised gas and condensate discoveries Sao Vang and Dai Nguyet and one discovery, 05-1b-TL 2X (Thanh Long 2X). The Front-End Engineering Design (FEED) work for Sao Vang and Dai Nguyet developments was awarded to Aker Solution on July 2016 and completed in Q1 2017. The Outline Development Plan (ODP) was approved by the Ministry of Industry and Trade (MOIT) in July 2017 followed by the FDP approval in Q4 2017. First production is scheduled for Q3 2019. Interest in Block 05-1b and 05-1c are split between Idemitsu Oil & Gas (35%, operator), JX NOEX (35%) and Teikoku Oil (Con Son) Co Ltd (30%).
Vietnam (Nam Con Son B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: Blocks 05-1b & 05-1c op. by IDEMITSU (35.0%, JX HOLDG 35.0%, JADESTONE 30.0%) to be check.