Montara Operations Update

Jadestone Energy PLC

23 August 2023

 

Montara Operations Update

23 August 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, where production is temporarily shut in following the identification of a small defect between ballast water tank 4S and oil cargo tank 5C.

Since the most recent announcement on 10 August 2023, preparations to repair the 4S/5C defect have progressed in line with expectations, with the following activities taking place:

·    Inspections in ballast water tank 4P have been completed, with two minor repairs to be carried out over the coming days, after which it is expected that tank 4P will be returned to service.

·    The oil in tank 5C has been offloaded into a shuttle tanker and cleaning of the tank is well advanced, with a short inspection programme commencing later this week.

·    The offload of the oil from tank 5C has permitted re-entry into tank 4S, with inspections now underway.

The defects encountered pose no safety or structural risk, nor any risk of a hydrocarbon leak to sea.

The Company continues to engage with the National Offshore Petroleum Safety and Environmental Management Authority on the results of ongoing inspections, analysis and near-term activities at the Montara Venture FPSO.

With regard to the disclosures in the 10 August 2023 announcement on the Company's reserve-based loan, Jadestone currently does not expect production at Montara to be shut in for more than 60 days, subject to ongoing inspections, identifying the cause of the 4S/5C defect and implementing preventative measures.

A further update on the progress of Montara activities will be provided during the week commencing 28 August 2023.

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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]
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 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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