Jadestone Energy PLC - Oil and gas production company focused on the Asia-Pacific region - Says production temporarily shut at Montara floating production storage and offloading facility offshore Australia due to a gas alarm in tank 4S. Says tank will be emptied, cleaned and inspected over the next few weeks. Production at Montara had only resumed in March after closing down in August of last year for repair activities.
Adds that as at June 30, consolidated cash balances were around USD118 million.
Chief Executive Officer Paul Blakeley says: "While disappointing and frustrating to have to shut in Montara again, we will find and repair any additional defect while continuing with the overall planned programme of inspection of the storage tanks on the FPSO. The safety of our personnel, as well as the long-term integrity of the asset, are paramount. We will provide a further update once the inspection of tank 4S is complete."
Current stock price: 23.80 pence each, down 32%
12-month change: down 76%
By Sabrina Penty, Alliance News reporter
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Jadestone Energy (JSE)