TIDMJSE
RNS Number : 7473G
Jadestone Energy PLC
17 November 2022
Operational Update
17 November 2022 - Singapore: Jadestone Energy plc ("Jadestone"
or the "Company"), an independent oil and gas production company
focused on the Asia-Pacific region, is pleased to provide the
following operational update.
Montara Project
Since the Company's H1 2022 results announcement on 20 September
2022, a comprehensive programme of hull and tank inspection,
repairs and maintenance has been underway on the Montara Venture
FPSO. In particular, the following activities have been carried out
in recent weeks:
-- Oil cargo tank 2C: the site of the original hull defect which
resulted in the small release of oil in June 2022 has been removed
and a permanent repair has now been completed. Initial visual
inspection of the tank confirms the overall condition to be good,
with a small number of minor defects to be addressed.
-- Ballast water tank 4S: the bulkhead location of the defect
identified in August 2022 has been repaired. Several smaller
defects identified as part of a wider inspection of tank 4S are
currently being repaired.
While the Company remains unable to advise on a restart date for
Montara, based on the tank inspection activity to date it reaffirms
an intent to remain within the lower end of the production guidance
range announced on 12 September 2022, which would see Jadestone's
2022 production average at least 11,000 boe/d.
Separately, the independent reviewer described in NOPSEMA's
general direction dated 12 September 2022 was appointed in October,
with the contract awarded to DNV, the world's leading maritime
classification society and an independent expert in risk management
and assurance. The gap recognition review, which has the intent of
assuring Jadestone's remediation plans and operational readiness
prior to the restart of production operations, is progressing well.
DNV's report on this will be considered by NOPSEMA prior to the
restart of production through the FPSO.
The Company currently estimates the cost incurred in 2022 in
respect of the additional inspection and repair activities on the
FPSO to be US$4 million, consistent with the initial US$2-4 million
estimate published on 12 August 2022.
A short presentation containing photos of recent tank work on
the Montara Venture FPSO is available from the Company's website at
https://www.jadestone-energy.com/assets/australia-portfolio/montara/
.
Stag Infill Drilling Programme
At the Stag field, the two infill wells Stag-50H and 51H have
been drilled successfully and initial results from well data are in
line with pre-drill expectations. The final completions are
currently being run on both wells by the Valaris-107 rig, prior to
it moving off location later this month. A further update will be
provided once the wells are brought into production.
Liftings Schedule
The Company will lift over one million barrels of crude in
November and December 2022, with a lifting of 160,000 barrels
recently from Montara, removing all remaining oil onboard the FPSO
to help accelerate the inspection process. A lifting of
approximately 620,000 barrels, attributable to Jadestone's recently
acquired interest in the North West Shelf Oil Project, is expected
imminently. Additionally, the next Stag lifting of 190,000 barrels
is provisionally timed for early December at a US$21.88/bbl premium
to Brent, while a further two liftings from the Peninsular Malaysia
assets are also expected prior to year-end 2022.
Paul Blakeley, President and CEO commented:
"Significant work has been undertaken at Montara in recent
weeks, with completion of repairs in tank 2C and the 4S ballast
tank being key milestones. The ongoing inspection and repair
programme will underpin operational readiness and a safe restart of
production.
We are building a solid baseline survey on the FPSO's remaining
tanks - a fundamental step towards a risk-based inspection regime
going forward. This survey, and the physical work underway on the
FPSO, should help to ensure the highest levels of safety, integrity
and vessel uptime in future, and maximise the life and value of the
Montara fields for all our stakeholders."
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 7713 687467 (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
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, 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
a 16.67% non-operated interest in the North West Shelf Oil Project
offshore Western Australia, comprising four oil fields containing
significant upside potential through potential infill drilling and
life extension activities.
The Company has interests in four oil producing licences
offshore Peninsula 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, where first production is expected in the first half
of 2024.
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 (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 .
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