TIDMJSE
RNS Number : 1720U
Jadestone Energy PLC
01 December 2021
Jadestone Energy
Akatara gas sales agreement signed
1 December 2021 - Singapore: Jadestone Energy plc (the
"Company"), an independent oil and gas production company focused
on the Asia-Pacific region, is pleased to announce that a gas sales
agreement ("GSA") for the Akatara field, located within the Lemang
production sharing contract ("PSC"), was signed today at an
industry conference in Indonesia.
Paul Blakeley, President and CEO commented:
"Reaching this key milestone less than 12 months after closing
the acquisition of our original stake in the Lemang PSC is
testament to the hard work, rigour and focus of the Jadestone team,
and they should be proud of what they have achieved. I would also
like to thank the Indonesian Government and the gas purchaser PLN
for their positive approach during the GSA negotiations.
"The development of the Akatara gas field will not only displace
coal in Indonesia's energy mix, thereby assisting the transition to
a lower carbon economy, but will also deliver LPGs for domestic use
in the local market. Once onstream, Akatara will support our growth
strategy, while at the same time increasing the proportion of gas
in our production mix. Fixed-price, low-opex gas production
provides a balance to our existing oil assets, and has the added
benefit of reducing the GHG emissions intensity of the Company's
operations. Signature of the GSA is the key commercial hurdle for
the project and increases our confidence in taking a final
investment decision for the project in the first half of 2022, with
production expected onstream in the first half of 2024."
Jadestone currently has a 90% interest in the Lemang PSC, and on
24 November 2021 announced the acquisition, subject to customary
approvals, of the remaining 10% interest in the PSC. The local
government has a back-in right of up to 10% (uncarried interest) at
the time of development sanction.
The Akatara GSA is between Jadestone and PT Pelayanan Listrik
Nasional Batam ("PLN") as buyer. Some of the key terms of the
Akatara GSA are detailed below, and are consistent with the heads
of agreement executed between Jadestone and PLN, as announced on 6
July 2021:
Daily contract quantity ("DCQ") of 20.5 BBtu/d commencing in Q1
2024
Gas price of US$5.60/mmBtu
Annual take-or-pay quantity set at 90% of the adjusted annual
contract quantity
Maximum daily quantity set at 110% of DCQ
The Akatara gas field has been independently estimated to
contain a 2C gross resource (pre local government back-in rights)
of 63.74 bscf of sales gas, 2.45 mm bbls of condensate and 5.64 mm
boe of LPG, equating to a combined 18.7 mm boe of resource.
Jadestone intends to pursue a low-cost development of the field,
including efficient re-use of existing wells and infrastructure,
thereby minimising incremental impact on the local environment.
Several further initiatives to reduce GHG emissions and enhance the
environmental performance of the Akatara development are also being
considered as part of the detailed engineering and development
optimisation studies. As previously disclosed, the Company
anticipates a gross development cost for the field prior to first
gas of US$94 million.
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Dan Young, 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
James Crothers
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, Vietnam and the
Philippines.
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
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. Further, the
Company has a 100% operated working interest in two gas development
blocks in Southwest Vietnam, and an operated 100% interest
(assuming completion of the Hexindo stake acquisition, as announced
in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia,
which includes the Akatara gas field.
In addition, the Company has executed a sale and purchase
agreement to acquire a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government approvals.
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 is listed on the AIM market of the London
Stock Exchange. The Company is headquartered in Singapore. For
further information on the Company please visit
www.jadestone-energy.com .
Cautionary Statements
This announcement may contain certain forward-looking statements
with respect to the Company's expectations and plans, strategy,
management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements are
made by the Company in good faith based on the information
available at the time of this announcement, but such statements
should be treated with caution due to inherent risks and
uncertainties. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance. The Company does not
assume any obligation to publicly update the information, except as
may be required pursuant to applicable laws.
The technical information contained in this announcement has
been prepared in accordance with the June 2018 guidelines endorsed
by the Society of Petroleum Engineers, World Petroleum Congress,
American Association of Petroleum Geologists and Society of
Petroleum Evaluation Engineers Petroleum Resource Management
System.
Henning Hoeyland of Jadestone Energy plc, a Subsurface Manager
with a Masters degree in Petroleum Engineering, who is a member of
the Society of Petroleum Engineers and who has been involved in the
energy industry for more than 20 years, has read and approved the
technical disclosure in this regulatory announcement.
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.
Glossary
2C resource unrisked best estimate scenario of contingent resources
BBtu/d billion British thermal units per day
--------------------------------------------------------
bscf billion standard cubic feet
--------------------------------------------------------
GHG greenhouse gas
--------------------------------------------------------
LPG liquid petroleum gas
--------------------------------------------------------
mm bbls million barrels
--------------------------------------------------------
mm boe million barrels of oil equivalent
--------------------------------------------------------
mmBtu million British thermal units
--------------------------------------------------------
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END
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