REG - Jadestone Energy PLC - Completion of Akatara Performance Test

Jadestone EnergyAnnouncement

09/12/2024 07:00

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RNS Number : 3035P  Jadestone Energy PLC  09 December 2024

Completion of Akatara EPCI Contract Performance Test

 

9 December 2024 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and
together with its subsidiaries, "Jadestone" or the "Group"), an independent
upstream production company focused on the Asia-Pacific region, announces that
the Akatara gas development has successfully completed its formal EPCI
contract performance test.

 

The EPCI contract performance test required a continuous 72 hour test of the
Akatara gas processing facility ("AGPF") at full production rates,
representing the daily contract quantity of 20 MMscf/d under the Akatara gas
sales agreement and associated LPG and condensate production.

 

During the performance test, sales production from Akatara averaged c.6,600
boe/d, of which c.50% was sales gas, with the other c.50% being condensate and
LPGs.

 

This marks the conclusion of the commissioning phase at Akatara, with
responsibility for day-to-day operations at the AGPF transitioning from JGC,
the EPCI contractor, to Jadestone.

 

Adel Chaouch, Executive Chairman of Jadestone, commented:

 

"I would like to thank the Jadestone team and the Akatara EPCI contractor for
their efforts over recent months as we have worked together to successfully
commission the Akatara facilities. We also appreciate the support of the
Indonesian government throughout the construction and commissioning phase of a
project which is already having a positive impact on the local economy.

 

As part of our commitment to operational excellence, the focus at Akatara
going forward will be delivering high uptime to consistently meet the gas
buyer's nominations and benefit from the valuable associated condensate and
LPG streams. LPG production will be distributed locally in the Jambi province,
reducing the need for imported LPG. The Akatara project has diversified and
driven Jadestone's production to record levels, and will be a cornerstone of
the Group's cash flow generation in the near-term."

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown
 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Georgia Edmonds
 Elfie Kent

 

About Jadestone Energy

 

Jadestone Energy plc is an independent upstream 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.

 

The Company is pursuing a strategy to grow and diversify the Company's
production base both organically, through developments such as at Akatara in
Indonesia, Nam Du/U Minh in Vietnam and the PNLP Cluster offshore Malaysia, 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 (http://www.jadestone-energy.com) .

 

This release does not include inside information.

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