Jadestone Energy PLC Montara Operations Update (1947K)
23 Agosto 2023 - 1:08AM
UK Regulatory
TIDMJSE
RNS Number : 1947K
Jadestone Energy PLC
23 August 2023
Montara Operations Update
23 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, where
production is temporarily shut in following the identification of a
small defect between ballast water tank 4S and oil cargo tank
5C.
Since the most recent announcement on 10 August 2023,
preparations to repair the 4S/5C defect have progressed in line
with expectations, with the following activities taking place:
-- Inspections in ballast water tank 4P have been completed,
with two minor repairs to be carried out over the coming days,
after which it is expected that tank 4P will be returned to
service.
-- The oil in tank 5C has been offloaded into a shuttle tanker
and cleaning of the tank is well advanced, with a short inspection
programme commencing later this week.
-- The offload of the oil from tank 5C has permitted re-entry
into tank 4S, with inspections now underway.
The defects encountered pose no safety or structural risk, nor
any risk of a hydrocarbon leak to sea.
The Company continues to engage with the National Offshore
Petroleum Safety and Environmental Management Authority on the
results of ongoing inspections, analysis and near-term activities
at the Montara Venture FPSO.
With regard to the disclosures in the 10 August 2023
announcement on the Company's reserve-based loan, Jadestone
currently does not expect production at Montara to be shut in for
more than 60 days, subject to ongoing inspections, identifying the
cause of the 4S/5C defect and implementing preventative
measures.
A further update on the progress of Montara activities will be
provided during the week commencing 28 August 2023.
-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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