JSE Jadestone Energy Plc

TIDMJSE

RNS Number : 1166R

Jadestone Energy PLC

27 February 2023

Montara Project Update

27 February 2023 - 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 an update on the Montara Project offshore Australia.

Following good progress on the Montara Venture FPSO tank repairs and independent assessment of the Company's operational practices, the General Direction issued by NOPSEMA was closed earlier this month.

This has allowed a focus on the scheduled topsides maintenance workstreams, although this activity has been impacted by recent severe weather conditions offshore Northern Australia. While planned progress has generally been good, several days have been lost to weather-related delays and production restart, which was previously expected by the end of February, has been impacted accordingly.

A further announcement will be made when production resumes.

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 Peninsular Malaysia; two operated and two non-operated positions, and a non-operated 9.52% interest in the Sinphuhorm producing gas field onshore Thailand.

Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest 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.

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.

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February 27, 2023 02:05 ET (07:05 GMT)

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