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(Alliance News) - Jadestone Energy PLC on Monday said it has discovered a leak at the bottom of a tank in Montara, Australia.
The company estimated the cost to repair the leak at around USD2 million to USD3 million. Jadestone also said it has notified the National Offshore Petroleum Safety and Environmental Management Authority immediately about the leak that is 30 millimetres in diameter.
"Jadestone's preliminary estimate is that it will take around four weeks to complete the tank inspection and effect repairs sufficient to re-commence production at Montara, with appropriate isolation of the crude oil tank," the firm explained.
Jadestone Energy is a Perth-based oil and gas development and production company with assets in Australia, Malaysia, Indonesia, Vietnam and the Philippines. Following the leak, for 2022 the company expects its production at the lower end of its previous guidance of around 15,500 to 18,500 barrels of oil equivalent per day. In 2021, it produced less at 12,545 barrels of oil equivalent per day on average.
Jadestone Energy shares were 16% lower at 79.83 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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