(Alliance News) - Jadestone Energy PLC on Monday said it has resumed its production of oil in the Montara field offshore Australia following an oil leak two weeks ago.
Jadestone Energy shares were 9.6% higher at 88.75 pence each in London on Monday morning. Jadestone Energy is a Perth-based oil and gas development company with assets in Australia, Malaysia, Indonesia, Vietnam and the Philippines.
"The oil that was contained within the 2C crude oil storage tank has now been pumped to other tanks on the vessel so that there is no threat to the environment," Jadestone explained.
The restart of production was faster than the four weeks the firm said it will take when it reported on the leak on June 20. Back then, the company estimated the cost to repair the leak at around USD2 million to USD3 million.
"Our teams, both onshore and offshore, have worked tirelessly to secure the vessel's integrity and to design and implement detailed solutions which satisfy the regulator, and I thank them for their efforts," said Chief Executive Officer Paul Blakeley on Monday.
However, not everything is fully repaired yet, the oil & gas company added. "A permanent repair of the 2C tank is being advanced, with work expected to start within the next several days."
By Tom Budszus; tombudszus@alliancenews.com
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Jadestone Energy (JSE)