Montara Update

Jadestone Energy PLC

07 September 2023

 

Montara Update

7 September 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 operations at the Montara Venture FPSO offshore Australia.

In line with the announcement on 31 August 2023, production at Montara restarted on 1 September 2023.

Initial production averaged around c.1,000 bbls/d from one well while the FPSO's oil production and gas compression systems were recommissioned.  With further wells being brought back online in recent days, production has increased to c.8,000 bbls/d.  This figure includes some flush production, and it is expected that average Montara production will return to pre-shutdown levels of c.6,000 bbls/d over the coming days.

Ballast water tank 4P has also been returned to service following completion of final inspections and repairs. Preparations for the repair of the previously reported defect between oil cargo tank 5C and ballast water tank 4S are underway and additional inspections in tank 4S are ongoing.

The Company will now utilise a smaller and lower cost shuttle tanker to provide additional storage during a period of time when the FPSO storage capacity is constrained.

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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, 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]
Andrew Turner 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 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 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.

This announcement does not include inside information.

 

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