REG - Jadestone Energy PLC - Montara Operations Update

Jadestone EnergyAnnouncement

10/08/2023 14:45

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RNS Number : 9818I  Jadestone Energy PLC  10 August 2023

 

Montara Operations Update

 

10 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 update on operations at the
Montara Venture FPSO offshore Australia.

 

As previously reported on 31 July 2023, production at Montara was temporarily
shut in following a gas alarm within the FPSO's 4S ballast water tank.

 

Since then, tank 4S has been emptied and cleaned, with an inspection
commencing on 8 August 2023.  The initial inspection has identified the
location of a small defect between tank 4S and oil cargo tank 5C, which poses
no safety or structural risk, nor any risk of a hydrocarbon leak to sea.

 

The Company is now focused on the following activities to address the defect
in tank 4S, including:

 

·    final inspections in ballast water tank 4P prior to returning this
tank to service as part of the overall ballast and stability requirements for
the FPSO;

·    offloading crude oil from tank 5C to allow for cleaning and access to
permit an inspection; and

·    re-entry to 4S to finalise the inspection of the tank and carry out
the necessary repair.

 

The Company continues to keep key stakeholders, including the National
Offshore Petroleum Safety and Environmental Management Authority ("NOPSEMA")
and its reserve-based lending ("RBL") facility banks, regularly updated on
these activities.  The RBL includes the requirement for borrowing base
assets, such as Montara, not to have production interrupted for a continuous
period of 60 days or more.  The Company will also be working with the RBL
banks to assess how the shut in might impact the clauses and covenant under
the RBL facility.

 

The Company will continue to update shareholders as appropriate.

 

-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 (mailto:ir@jadestone-energy.com)

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

 Jefferies International Limited (Joint Broker)        +44 (0) 20 7029 8000 (UK)
 Tony White
 Will Soutar

 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 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 (http://www.jadestone-energy.com) .

 

The information contained within this announcement is considered to be inside
information prior to its release, as defined in Article 7 of the Market Abuse
Regulation No. 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018.

 

 

 

 

 

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