REG - Jadestone Energy PLC - Skua-11ST Drilling Update

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RNS Number : 9004Q  Jadestone Energy PLC  14 July 2025

Skua-11ST Drilling Update

 

14 July 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and
together with its subsidiaries, "Jadestone" or the "Group") provides an update
on the drilling of the Skua-11ST well at the Montara field offshore Australia.

 

The Company will issue its trading statement for the first half of 2025 on 24
July 2025.

 

Skua-11ST Drilling Update

 

The Skua-11ST well has reached target depth, with analysis confirming the
presence of over 900 meters of high-quality reservoir, more than double the
reservoir section completed in any of the previous Skua wells.  As a result,
initial production rates are expected to exceed previously disclosed estimates
of 3,500 bbls/d. Well operations are nearing completion, and following
demobilisation of the drilling rig, the Skua-11ST well is expected to be
brought onstream in early August 2025.

 

As previously disclosed, the Skua-11ST campaign has taken longer than
originally planned. The total capital cost of the Skua-11ST well is now
estimated at approximately US$96-100 million, compared to the US$70 million
expected cost disclosed in May 2025 1 .  Several factors outside Jadestone's
control resulted in the well cost increase, including significant weather
events and changes to the demobilization plan which have added an estimated
US$13-14 million. Additionally, operational factors during drilling required
additional rig days and account for the remainder of the incurred incremental
cost.

 

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

 

"The Skua-11ST drilling campaign is nearing its conclusion, and I want to
recognize the safe and environmentally responsible way the program has been
executed to date.  We look forward to Skua-11ST adding meaningful volumes to
Group production once tied in, which will immediately reduce unit operating
costs at Montara and extend field life by a year. This will add to our
previously announced cost management initiatives that we intend to expand to
other parts of the Group.

 

Learnings from this drilling campaign will be integrated into the planning of
any future wells in the Skua area, as part of my broader focus on driving
operational excellence to both improve project delivery and enhance margins
across the business."

 

-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

 Berenberg (Joint Broker)                              +44 (0) 20 3757 4980 (UK)
 Ciaran Walsh
 Dan Gee-Summons
 Yasmina Benchekroun

 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 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 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) .

 

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.

 

 

 1  20 May 2025 Full-Year 2024 results presentation

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