REG - Jadestone Energy PLC - Skua-11 Operations and Group Production Update

Jadestone EnergyAnnouncement

31/03/2025 07:15

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RNS Number : 8704C  Jadestone Energy PLC  31 March 2025

Skua-11 Operations and Group Production Update

 

31 March 2025 - Singapore: Jadestone Energy plc (AIM:JSE) ("Jadestone" or the
"Company"), an independent upstream production and development company focused
on the Asia-Pacific region, announces that the Valaris 247 jack-up rig has
arrived on location at the Montara field offshore Australia to drill the
Skua-11 well side-track ("Skua-11ST").

 

Skua-11ST is the main activity in Jadestone's 2025 capital program. Operations
will cover safe decommissioning of the existing SK-11 well, after which a
side-track will be drilled higher in the Skua structure to accelerate the
recovery of reserves from this field. The Skua-11ST program is expected to
take c.60 days to complete, with an expected initial oil rate of c.3,500
bbls/d when brought onstream and extending the economic life of the Montara
field by one year. The well is expected to cost US$62 million, with a forecast
payback period of 16 months and generate a 65% internal rate of return 1 
(#_ftn1) .

 

Adel Chaouch, Executive Chairman of Jadestone, commented:

 

"We are looking forward to executing drilling operations at Skua-11 safely and
efficiently. Bringing this well back into production will add to the positive
operational momentum we have seen so far in 2025, with Group production year
to date averaging c.21,000 boe/d, slightly ahead of expectations, even after
cyclone related downtime in Australia early in the year. The emphasis on high
uptime and stable operations is beginning to pay off, as we focus on
demonstrating delivery against targets."

 

-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
 Poppy Hawkins

 

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 Puteri 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 announcement does not contain inside information.

 1  (#_ftnref1) Based on a Brent oil price assumption of US$80/bbl in 2025,
US$77/bbl in 2026 and US$81/bbl in 2027 and escalated at 2% p.a. thereafter

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