Jadestone Energy PLC Montara Operations Update (9818I)
10 Agosto 2023 - 8:32AM
UK Regulatory
TIDMJSE
RNS Number : 9818I
Jadestone Energy PLC
10 August 2023
Montara Operations Update
10 August 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.
As previously reported on 31 July 2023, production at Montara
was temporarily shut in following a gas alarm within the FPSO's 4S
ballast water tank.
Since then, tank 4S has been emptied and cleaned, with an
inspection commencing on 8 August 2023. The initial inspection has
identified the location of a small defect between tank 4S and oil
cargo tank 5C, which poses no safety or structural risk, nor any
risk of a hydrocarbon leak to sea.
The Company is now focused on the following activities to
address the defect in tank 4S, including:
-- final inspections in ballast water tank 4P prior to returning
this tank to service as part of the overall ballast and stability
requirements for the FPSO;
-- offloading crude oil from tank 5C to allow for cleaning and
access to permit an inspection; and
-- re-entry to 4S to finalise the inspection of the tank and carry out the necessary repair.
The Company continues to keep key stakeholders, including the
National Offshore Petroleum Safety and Environmental Management
Authority ("NOPSEMA") and its reserve-based lending ("RBL")
facility banks, regularly updated on these activities. The RBL
includes the requirement for borrowing base assets, such as
Montara, not to have production interrupted for a continuous period
of 60 days or more. The Company will also be working with the RBL
banks to assess how the shut in might impact the clauses and
covenant under the RBL facility.
The Company will continue to update shareholders as
appropriate.
-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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