Akatara Update

Jadestone Energy PLC

19 August 2024

 

Akatara Update

19 August 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, provides the following update on the Akatara gas development project onshore Indonesia.

As previously reported, gas sales from the Akatara field commenced on 31 July 2024 at an initial rate of c.4 mmscfd. Since then, the gas plant has been progressively made operational and raw gas production into the Akatara Gas Processing Facility ("AGPF") has been steadily increased to 20 mmscfd, resulting in current gas sales in the range of 11-14 mmscfd.

The AGPF's export compressors, which pressurise the sales gas for export into the regional gas transportation pipeline system, require further commissioning work, which will allow the plant to achieve the full raw gas volume of c.25mmscfd and deliver the sales gas daily contract quantity ("DCQ") of c.20 mmscfd, as specified in the Akatara gas sales agreement. This activity is expected to complete this month, with any associated costs remaining the responsibility of the main contractor and equipment vendor.

Paul Blakeley, President and CEO commented:

"We continue to make good progress at the Akatara project towards final completion of the full processing facility, with recent tests demonstrating that well delivery is strong and that the facilities can handle the required raw gas volumes. Final completion, and plant handover to Jadestone, will occur after an extended production test at DCQ volumes, which is a contractual condition. We are confident this will be achieved once the export compressors are fully operational at design pressures."

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For further information, please contact:

Jadestone Energy plc
Paul Blakeley, President and CEO	[phone] (Singapore)
Bert-Jaap Dijkstra, CFO Phil Corbett, Head of Investor Relations	[phone] (UK)
	[e-mail]
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	[phone] (UK)
Callum Stewart
Jason Grossman
Ashton Clanfield
Peel Hunt LLP (Joint Broker)	[phone] (UK)
Richard Crichton
David McKeown Georgia Langoulant
Camarco (Public Relations Advisor)	[phone] (UK)
Billy Clegg	[e-mail]
Andrew Turner Elfie Kent

About Jadestone Energy

Jadestone Energy plc is an independent upstream 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 as at Akatara in Indonesia, Nam Du/U Minh in Vietnam and the SFA Cluster offshore Malaysia, 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.

This release does not include inside information.

 

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