Montara Project General Direction Closed

RNS Number : 2841P

Jadestone Energy PLC

08 February 2023

 

Montara Project General Direction Closed

8 February 2023 - Singapore: Jadestone Energy plc ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on the Montara Project offshore Australia.

On 18 January 2023, the Company disclosed that DNV's independent review of Jadestone's remediation plans and operational readiness for the Montara Venture FPSO had been completed and submitted to NOPSEMA, as required by the General Direction issued to the Company in September 2022.  NOPSEMA's review has now been concluded and the General Direction closed.

Both hull and tank repair activity and the scheduled 4-yearly planned topsides maintenance activities on the Montara Venture FPSO are progressing well, with operational readiness and production restart still targeted to occur later in February 2023.

Paul Blakeley, President and CEO commented:

"The closing of the General Direction is a very important step towards restarting production at Montara.  As previously reported, we have elected to carry out most of this year's planned annual shutdown work in parallel with the tank work to maximise efficiency during this period. The combined work scope is making good progress and when completed, we will declare operational readiness and deliver a safe restart of production, which is still targeted before the end of this month.

I would like to use this opportunity to recognise the onshore and offshore teams working tirelessly on Montara, across the Christmas and summer holidays to get Montara operationally ready again. Jadestone is looking to ensure Montara delivers safe and reliable operations going forward as well as capture the significant value we believe this asset holds."

-ends-

Jadestone Energy plc
Paul Blakeley, President and CEO	[phone] (Singapore)
Bert-Jaap Dijkstra, CFO Phil Corbett, Investor Relations Manager	[phone] (UK)
	[e-mail]
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	[phone] (UK)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint Broker)	[phone] (UK)
Tony White
Will Soutar
Camarco (Public Relations Advisor)	[phone] (UK)
Billy Clegg	[e-mail]
Georgia Edmonds Elfie Kent

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 and Vietnam.

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 a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

The Company has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions, and has signed an agreement to acquire a non-operated interest in the Sinphuhorm producing gas field onshore Thailand.

Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.

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 (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.

Glossary

NOPSEMA

The National Offshore Petroleum Safety and Environmental Management Authority

 

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