Jadestone Energy PLC Montara Restart Plan and Operations Update (9527K)
31 Agosto 2023 - 10:27AM
UK Regulatory
TIDMJSE
RNS Number : 9527K
Jadestone Energy PLC
31 August 2023
Montara Restart Plan and Operations Update
31 August 2023 - Singapore: Jadestone Energy plc ("Jadestone",
or the "Company") an independent oil and gas production company
focused on the Asia-Pacific region, provides the following
operational update.
Montara
The Company is pleased to announce that, following an
investigation and assurance review into the 4S/5C tank defect, it
intends to restart production at Montara on 1 September 2023.
Production will be restarted from one well at an expected rate
of c.1,000 bbls/d to recommission the FPSO's oil production system,
followed by gas compression, allowing further wells to be brought
back online within several days. At this point, production is
expected to increase to c.6,000 bbls/d, the rate prior to the
shutdown at the end of July 2023.
The Company will continue to utilise a shuttle tanker to provide
additional storage during this period of constrained FPSO storage
capacity.
Further to the announcement on 23 August 2023, FPSO tank
inspection and repair work has continued to make progress, with the
following activities taking place:
-- Repairs in ballast water tank 4P are almost complete, after
which it will be returned to service.
-- Inspections and preparations for repair work are now underway
in tank 5C and ballast water tank 4S.
The defects encountered pose no safety or structural risk, nor
any risk of a hydrocarbon leak to sea.
The National Offshore Petroleum Safety and Environmental
Management Authority has been kept regularly updated on progress at
Montara.
Further updates on Montara will be provided as activity
progresses.
Akatara
The Akatara development continues to make good progress, and
remains on budget and schedule for first gas in H1 2024. The
project is currently c.55% complete (from c.42% in mid-July 2023)
with c.2.5 million man hours worked without a lost-time
incident.
Malaysia
On 15 August 2023, the Naga-2 rig was taken on contract for the
East Belumut field drilling campaign on the PM329 PSC. Drilling
operations on the first of the four wells has commenced. The four
wells are expected to deliver incremental gross peak oil production
of 2-2,500 bbls/d with a projected IRR of c.90%.
-ends-
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Bert-Jaap Dijkstra, CFO
Phil Corbett, Investor Relations Manager +44 (0) 7713 687467 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Tony White
Will Soutar
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Georgia Edmonds
Elfie Kent
About Jadestone Energy
Jadestone Energy plc is an independent oil and gas company
focused on the Asia-Pacific region. It has a balanced and
increasingly diversified portfolio of production and development
assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all
stable jurisdictions with a positive upstream investment
climate.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman
Energy's business in Asia-Pacific, the Company is pursuing a
strategy to grow and diversify the Company's production base both
organically, through developments such at Akatara in Indonesia and
Nam Du/U Minh in Vietnam, as well as through acquisitions that fit
within Jadestone's financial framework and play to the Company's
strengths in managing maturing oil assets. Jadestone delivers value
in its acquisition strategy by enhancing returns through operating
efficiencies, cost reductions and increased production through
further investment.
Jadestone is a responsible operator and well positioned for the
energy transition through its increasing gas production, by
maximising recovery from existing brownfield developments and
through its Net Zero pledge on Scope 1 & 2 GHG emissions from
operated assets by 2040. This strategy is aligned with the IEA Net
Zero by 2050 scenario, which stresses the necessity of continued
investment in existing upstream assets to avoid an energy crisis
and meet demand for oil and gas through the energy transition.
Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on
the AIM market of the London Stock Exchange (AIM: JSE). The Company
is headquartered in Singapore. For further information on the
Company please visit www.jadestone-energy.com .
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