Introduction of First Gas at Akatara

Jadestone Energy PLC

24 June 2024

 

Mechanical Completion and Introduction of First Gas at Akatara

24 June 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, is pleased to provide the following update on the Akatara gas development project onshore Indonesia.

On 18 June 2024, the Akatara Gas Processing Facility (the "Facility") achieved the key milestone of mechanical completion, meaning all components and systems of the Facility have been constructed, installed and tested, marking a significant achievement prior to commercial production of the Akatara gas field.

On 22 June 2024, reservoir gas was introduced to the Facility from the Akatara-A4 well, and a period of final commissioning using reservoir gas has now commenced. Condensate is already being processed to the Facility's storage tanks in preparation for sale, with first commercial gas and LPG sales to follow.

Paul Blakeley, President and CEO commented:

"I am delighted to announce this key milestone in the Akatara Project, as we achieve mechanical completion of the gas processing facilities and bring first gas into the plant from an adjacent well pad.  This is a result of tremendous effort by all involved within Jadestone, delivering to a very tough schedule with the help of our key contractors, government regulators and other stakeholders.

"I am particularly proud of the safety-first mindset of the team and delivery of the project without a single lost time injury with over seven million manhours worked to date.  The project now enters the very final phase of commissioning as we move towards delivery of commercial sales gas, condensate and LPG."

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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 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.

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.

 

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