Completion of Akatara Performance Test

Jadestone Energy PLC

09 December 2024

 

Completion of Akatara EPCI Contract Performance Test

9 December 2024 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group"), an independent upstream production company focused on the Asia-Pacific region, announces that the Akatara gas development has successfully completed its formal EPCI contract performance test.

The EPCI contract performance test required a continuous 72 hour test of the Akatara gas processing facility ("AGPF") at full production rates, representing the daily contract quantity of 20 MMscf/d under the Akatara gas sales agreement and associated LPG and condensate production.

During the performance test, sales production from Akatara averaged c.6,600 boe/d, of which c.50% was sales gas, with the other c.50% being condensate and LPGs.

This marks the conclusion of the commissioning phase at Akatara, with responsibility for day-to-day operations at the AGPF transitioning from JGC, the EPCI contractor, to Jadestone.

Adel Chaouch, Executive Chairman of Jadestone, commented:

"I would like to thank the Jadestone team and the Akatara EPCI contractor for their efforts over recent months as we have worked together to successfully commission the Akatara facilities. We also appreciate the support of the Indonesian government throughout the construction and commissioning phase of a project which is already having a positive impact on the local economy.

As part of our commitment to operational excellence, the focus at Akatara going forward will be delivering high uptime to consistently meet the gas buyer's nominations and benefit from the valuable associated condensate and LPG streams. LPG production will be distributed locally in the Jambi province, reducing the need for imported LPG. The Akatara project has diversified and driven Jadestone's production to record levels, and will be a cornerstone of the Group's cash flow generation in the near-term."

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For further information, please contact:

Jadestone Energy plc
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]
Georgia Edmonds
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.

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 PNLP 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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