Jadestone Energy PLC - oil and gas producer focused on the Asia-Pacific region - Begins production at its Montara H6 development well offshore Australia. Reports an initial rate, after clean-up, of around 10,000 barrels of oil per day. Following a period of well performance testing the rate will stabilise at around 3,000 barrels per day, the company adds. The well offers a production boost and is a key step in its plan to deliver around 20,000 barrels of oil equivalent per day towards the end of this year, the company says.
"The Montara H6 well is an important milestone in our investment strategy for the Montara assets, confirming our view of the Montara reservoir, and providing near term growth...Higher production coincides with continued strength in oil prices, to which we are fully exposed given our unhedged position. As a result, our balance sheet continues to strengthen, providing the platform from which to execute on further growth through investment in both the existing portfolio as well as further [mergers and acquisitions]," comments Chief Executive Paul Blakeley.
Current stock price: 88.20 pence, up 5.0% on Tuesday
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By Scarlett Butler; scarlettbutler@alliancenews.com
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Jadestone Energy (JSE)