Jadestone Energy PLC Production Restart at Montara (9893T)
23 Marzo 2023 - 1:00AM
UK Regulatory
TIDMJSE
RNS Number : 9893T
Jadestone Energy PLC
23 March 2023
Production Restart at Montara
23 March 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 announce that the
Montara Venture FPSO ("Montara") offshore Australia resumed
production operations early on Tuesday 21 March 2023.
In a carefully planned restart programme, production recommenced
from the H6 well on the Montara field, with further wells to
follow, including the first Skua subsea well which will be brought
on line in the coming days. Production rates will increase with the
systematic opening of additional wells in line with the restart
plan.
The Company will announce its production guidance for 2023 once
Montara output is stabilised.
Paul Blakeley, President and CEO commented:
"I would like to thank everyone in Jadestone who has contributed
to the safe and successful restart of Montara operations as we look
forward to putting this challenging period behind us and returning
to business as usual. It is a relief to see operations at Montara
being restored and we look forward to increasing production and
cash flow. We also plan to return to growth, having completed three
acquisitions within the last six months, with several new
acquisition opportunities in the pipeline. Near-term organic growth
from the Akatara project remains on track and with our first infill
drilling programme in Malaysia, reinforcing the point that 2023
will be a big year for Jadestone."
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, Thailand 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.
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