Jadestone Energy (JSE): Nam Du/U Minh Vietnam development

This situation live

£223m · 44.3p · +74% since the first step

26 Feb 2026 · Awaiting government FDP approval; CPR commissioned · +30% until the next step The next major catalyst in our growth story is the upcoming FDP approval for our Vietnam gas development.

19 May 2026 · Execution phase; farm-out launched · −6% until the next step A formal farm-out process has been launched to seek partner(s) for the project.

Project milestones

Nam Du/U Minh Vietnam development

Restart still targeted around end Q3 2026

Every step · 7

3 Feb 2026 FDP approved by Petrovietnam; government approval pending – In March 2025, the Group submitted a Field Development Plan for the Nam Du/U Minh discoveries offshore Vietnam which has been approved by Petrovietnam, the... ↗
26 Feb 2026 Awaiting government FDP approval; CPR commissioned – The next major catalyst in our growth story is the upcoming FDP approval for our Vietnam gas development. ↗
18 Mar 2026 FDP approved; moving into development phase – is pleased to announce that the Field Development Plan ("FDP") for the Nam Du / U Minh gas discoveries offshore Vietnam has been formally approved by the... ↗
20 Apr 2026 GSPA signed; moving to execution phase – Our near-term priorities are to conclude the bid evaluation for the FPSO and field infrastructure, and award their respective contracts during the second... ↗
19 May 2026 Execution phase; farm-out launched – A formal farm-out process has been launched to seek partner(s) for the project. ↗
29 Jul 2026 Farm-out bids due end-July; FPSO bidder selected – Jadestone remains on track to conclude the farm-out process and formally sanction the initial phase of the project before year-end. ↗
27 Aug 2026 Restart still targeted around end Q3 2026 – In Vietnam, we remain on track to take final investment decision on the Nam Du/U Minh development by the end of 2026, with the farm-out process progressing... ↗

What is happening

Jadestone Energy: Nam Du/U Minh Vietnam development – Restart still targeted around end Q3 2026. ['Restart still targeted around end Q3 2026']

In short: The Okha FPSO returned to the CWLH fields in May after dry-dock, but a riser J-tube issue needed repair. On 29 July 2026 restart was targeted for around end Q3 2026. The 27 Aug 2026 results keep that target, subject to the remedial works. The delay drove much of the H1 production decline and higher costs.
Announced: 3 Feb 2026 · FDP approved by Petrovietnam; government approval pending
Latest: 27 Aug 2026 · Farm-out in final negotiations; FPSO contractor approved
Restart: Still targeted around end Q3 2026
2026 YTD production: ~16,300 boe/d to end-April
Operator: Woodside has developed detailed repair plans
Cause: Repair of one subsea riser J-tube
H1 impact: Dry dock and subsea dive campaign raised CWLH costs

From the company's own announcements. Not investment advice.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

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