Jadestone Energy PLC Montara Operations Update (6449H)
31 Julio 2023 - 1:00AM
UK Regulatory
TIDMJSE
RNS Number : 6449H
Jadestone Energy PLC
31 July 2023
Montara Operations Update
31 July 2023 - 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 Venture FPSO offshore Australia.
On 29 July 2023, a gas alarm was triggered within ballast water
tank 4S, indicating possible communication with one of the adjacent
tanks within the FPSO.
Production from the Montara fields has been temporarily shut in
and key stakeholders, including the National Offshore Petroleum
Safety and Environmental Management Authority ("NOPSEMA"), were
notified of the incident.
Tank 4S will be emptied and cleaned over the next week to permit
an inspection to identify the source of the communication between
tanks and allow for appropriate repairs. Following the inspection,
a further update will be provided outlining next steps, any
potential costs and any impact to production guidance.
At 30 June 2023, the Company had c.US$118 million of
consolidated cash balances (restricted and unrestricted cash) and
c.US$111 million of debt drawn under the Company's reserves-based
lending ("RBL") facility, resulting in a net cash position of
US$7.1 million. In addition, the Company's US$35 million Standby
Working Capital facility remains undrawn.
Paul Blakeley, President and CEO commented:
"While disappointing and frustrating to have to shut in Montara
again, we will find and repair any additional defect while
continuing with the overall planned programme of inspection of the
storage tanks on the FPSO. The safety of our personnel, as well as
the long-term integrity of the asset, are paramount. We will
provide a further update once the inspection of tank 4S is
complete."
-ends-
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 (0) 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 and
increasingly diversified portfolio of production and development
assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all
stable jurisdictions with a positive upstream investment
climate.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman
Energy's business in Asia-Pacific, the Company is pursuing a
strategy to grow and diversify the Company's production base both
organically, through developments such at Akatara in Indonesia and
Nam Du/U Minh in Vietnam, 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 .
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