Offshore staff
SINGAPORE – Jadestone Energy has started arbitration proceedings against Inpex subsidiary Teikoku Oil (Con Son) Co. concerning a license transaction offshore Vietnam.
In August 2016, Jadestone signed a sale and purchase agreement (SPA) to acquire from Teikoku a 30% interest in the block 05-1 PSC for $14.3 million, subject to normal closing adjustments.
Around 18 months later, in February 2018, Inpex delivered to Jadestone a notice of termination of the SPA, despite - according to Jadestone - having just received a waiver by Petrovietnam of its statutory pre-emption rights, and a direction to complete and submit all documents necessary to complete the transfer to Jadestone.
Negotiations continued between the two transacting parties thereafter, but have still not been resolved.
Jadestone filed its notice of arbitration with the Singapore International Arbitration Centre. President and CEO Paul Blakeley said the company intends to complete its planned acquisition of the interest in block 05-1, after having exhausted all avenues to come to an amicable conclusion.
07/03/2020
