Jadestone Energy PLC Resumption of Production Operations at Montara (1702R)
04 Julio 2022 - 1:00AM
UK Regulatory
TIDMJSE
RNS Number : 1702R
Jadestone Energy PLC
04 July 2022
Jadestone Energy
Resumption of Production Operations at Montara
4 July 2022 - 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 field offshore Australia.
Jadestone is pleased to report that, following a temporary
repair of the leak point in the 2C tank and its complete isolation
from the production system, together with a review by NOPSEMA of
the Company's inspection and repair records relating to the Montara
Venture FPSO crude oil tanks, production was safely reinstated on 3
July 2022.
The oil that was contained within the 2C crude oil storage tank
has now been pumped to other tanks on the vessel so that there is
no threat to the environment. A permanent repair of the 2C tank is
being advanced, with work expected to start within the next several
days. At the same time, Jadestone will begin to execute full
inspection and remediation on the 2C oil tank, which was originally
planned for July 2022, as part of the Company's rolling tank
inspection and repair programme.
Paul Blakeley, President and CEO commented:
"The restart of production at Montara is significantly ahead of
our initial four-week assumption, and underscores both the
integrity of the FPSO following our remediation campaign in recent
years as well as our response to NOPSEMA's direction to ensure the
risk to the environment is as low as reasonably possible. Our
teams, both onshore and offshore, have worked tirelessly to secure
the vessel's integrity and to design and implement detailed
solutions which satisfy the regulator, and I thank them for their
efforts. I am also grateful to NOPSEMA for its constructive and
balanced approach as we have worked to restore safe operations at
Montara.
We will ensure that the lessons learned from this event are
incorporated into the future operating strategy for the Montara
Venture FPSO, which aims to deliver a prolonged safe operating life
for the vessel in years to come."
-ends-
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Phil Corbett, Investor Relations Manager +44 7392 940 495 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Tony White
Will Soutar
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Georgia Edmonds
James Crothers
About Jadestone Energy
Jadestone Energy plc is an independent oil and gas company
focused on the Asia-Pacific region. It has a balanced, low risk,
full cycle portfolio of development, production and exploration
assets in Australia, Malaysia, Indonesia and Vietnam.
The Company has a 100% operated working interest in the Stag
oilfield and in the Montara project, both offshore Australia. Both
the Stag and Montara assets include oil producing fields, with
further development and exploration potential. The Company also has
interests in four oil producing licences offshore Peninsular
Malaysia; two operated and two non-operated positions. Further, the
Company has a 100% operated working interest in two gas development
blocks in Southwest Vietnam, and an operated 100% interest
(assuming completion of the Hexindo stake acquisition, as announced
in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia,
which includes the Akatara gas field development.
In addition, the Company has executed a sale and purchase
agreement to acquire a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government approvals.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman's
business in Asia, the Company is pursuing an acquisition strategy
focused on growth and creating value through identifying,
acquiring, developing and operating assets in the Asia-Pacific
region.
Jadestone Energy plc is listed on the AIM market of the London
Stock Exchange. The Company is headquartered in Singapore. For
further information on the Company please visit
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.
Glossary
FPSO floating, production storage and offloading vessel
NOPSEMA National Offshore Petroleum Safety and Environmental
Management Authority
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