REG - Jadestone Energy PLC - Montara Operations Update

Jadestone EnergyAnnouncement

23/08/2023 07:15

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RNS Number : 1947K  Jadestone Energy PLC  23 August 2023

 

Montara Operations Update

 

23 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, where production is temporarily shut
in following the identification of a small defect between ballast water tank
4S and oil cargo tank 5C.

 

Since the most recent announcement on 10 August 2023, preparations to repair
the 4S/5C defect have progressed in line with expectations, with the following
activities taking place:

 

·    Inspections in ballast water tank 4P have been completed, with two
minor repairs to be carried out over the coming days, after which it is
expected that tank 4P will be returned to service.

·    The oil in tank 5C has been offloaded into a shuttle tanker and
cleaning of the tank is well advanced, with a short inspection programme
commencing later this week.

·    The offload of the oil from tank 5C has permitted re-entry into tank
4S, with inspections now underway.

 

The defects encountered pose no safety or structural risk, nor any risk of a
hydrocarbon leak to sea.

 

The Company continues to engage with the National Offshore Petroleum Safety
and Environmental Management Authority on the results of ongoing inspections,
analysis and near-term activities at the Montara Venture FPSO.

 

With regard to the disclosures in the 10 August 2023 announcement on the
Company's reserve-based loan, Jadestone currently does not expect production
at Montara to be shut in for more than 60 days, subject to ongoing
inspections, identifying the cause of the 4S/5C defect and implementing
preventative measures.

 

A further update on the progress of Montara activities will be provided during
the week commencing 28 August 2023.

 

-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) .

 

This announcement does not include inside information.

 

 

 

 

 

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