TIDMJSE
RNS Number : 8695V
Jadestone Energy PLC
16 December 2021
Operational update - 20,000 boe/d year-end target achieved
16 December 2021 - Singapore: Jadestone Energy plc (the
"Company"), an independent oil and gas production company focused
on the Asia-Pacific region, is pleased to provide the following
update on operations and Company guidance for 2021.
Key Points
l Achieved the target of delivering around 20,000 boe/d of
production by year-end 2021, driven by strong performance from the
Montara H6 well and initial flows from Skua-11 post workover.
l 2021 average annual production expected to be around the
midpoint of the 11,500-13,500 boe/d guidance range.
l 2021 unit production cost guidance is unchanged at
US$25.50-29.50/boe, with unit opex at year-end expected to be
significantly below the lower end of this range due to the recent
increase in production.
l 2021 major spending is now expected to be toward the upper end
of the previous guidance range of US$105-115 million, as a result
of additional work undertaken to successfully complete the Montara
activity programme.
Operational Update
During the fourth quarter of 2021 to date, Company production
has averaged approximately 17,800 boe/d.
This has been largely driven by strong performance from Montara,
reflecting ongoing steady production from the Montara H6 infill
well and, more recently, the addition of Skua-11 following its
successful workover, which included reperforating the heel of the
well with the aim of enhancing its production potential.
Production from Montara has been impacted by some rig-related
downtime at the field associated with the activity programme. The
Skua-11 workover also took longer than anticipated due to the need
to replace the subsea tree, while a downhole component failed to
function at the later stages of the Skua-10 activity. However, the
Skua-10 workover operation is now practically complete, with the
Montara subsea wells currently shut in to facilitate the rigging
down and hook-up of the Skua-10 well and safe departure of the rig.
Prior to this shutdown, group production averaged 20,000 boe/d over
a five day period and is expected to increase further once both of
the Skua wells are brought back onstream.
Paul Blakeley, President and CEO commented:
"We are very pleased to be concluding the Montara activity
programme with no safety incidents to date, and, with the addition
of Skua-11 production, we have already met our target of delivering
20,000 boe/d production by year-end 2021. We now expect to reap the
benefits of higher production and attractive pricing, given ongoing
oil price strength, our unhedged position and recent improvements
in the Tapis differential."
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.
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.
This announcement does not contain inside information.
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