REG - Jadestone Energy PLC - Operational Update

Jadestone EnergyAnnouncement

11/11/2024 07:00

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RNS Number : 6836L  Jadestone Energy PLC  11 November 2024

Operational Update

 

11 November 2024 - Singapore: Jadestone Energy plc (AIM:JSE) ("Jadestone", the
"Company" or the "Group"), an independent upstream production company focused
on the Asia-Pacific region, provides the following operational update.

 

The Company reiterates its 2024 production guidance, as provided in its H1
2024 results on 17 September 2024, being towards the lower end of the 18,500 -
21,000 boe/d range.

 

During October 2024,  average daily Group production was over 22,000 boe/d
and for various periods reached a record in excess of c.24,000 boe/d as
Akatara intermittently achieved its daily contract quantity rate of
c.20mmscf/d. Intermittent production is not unusual for the early stages of a
project of this nature as commissioning issues continue to be addressed.

 

Operational performance across the remainder of the portfolio has been in line
with expectations, reinforcing the benefit of a diversification of production
streams. Drilling of the Skua-11 sidetrack on Montara is expected in the
second quarter of 2025, subject to delivery of the rig on schedule.

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Paul Blakeley, President and CEO                      +65 6324 0359 (Singapore)
 Andrew Fairclough, CFO
 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.

 

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 as at
Akatara in Indonesia, Nam Du/U Minh in Vietnam and the SFA 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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