REG - Jadestone Energy PLC - Montara Restart Plan and Operations Update

Jadestone EnergyAnnouncement

31/08/2023 09:30

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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 (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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