Operational Update18 Jan 2023 08:01
Montara Update
The Company is pleased to report that DNV's independent review of Jadestone's remediation plans and operational readiness for the Montara Venture FPSO has been completed and submitted to NOPSEMA, as required by the General Direction issued to the Company in September 2022. This is a major step toward restoring production at Montara, and the Company anticipates that all offshore activities associated with the comprehensive programme of hull and tank inspection, repair and maintenance will be completed in order to achieve operational readiness within weeks. In addition, work required as part of the planned maintenance programme for 2023 is being carried out in parallel with the tank activities, and production is therefore expected to recommence during February 2023.
Stag Field Update
In late 2022, the Stag-50H and 51H wells were brought successfully onstream at an aggregate initial rate of approximately 2,000 bopd, in line with expectations. The infill wells involved the drilling of a combined horizontal section of approximately 3,200 metres. The success of the 50H and 51H wells validates the Stag field development strategy and enhances confidence in several additional infill well locations which are already being developed for possible future drilling. Once planned workover activity, which is currently underway, has been completed field production is expected to increase towards c.4,000 bbls/d.
Financial Calendar
Jadestone intends to issue a trading statement in respect of its 2022 operational and financial performance in early February 2023. The Company's 2023 operational and financial guidance will be announced once the Montara Project has resumed production.
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