Last checked at 18 Jan 2023 07:31
Operational Update and Financial Calendar
18 January 2023 - Singapore: Jadestone Energy plc ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to provide the following operational update and financial calendar for the first half of 2023.
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.
The Company's audited 2022 financial results will be published in April 2023. The Company's 2022 Annual and Sustainability Reports are expected to be published in May 2023.
For further information, please contact:
Jadestone Energy plc | |
Paul Blakeley, President and CEO | +65 6324 0359 (Singapore) |
Bert-Jaap Dijkstra, CFO | |
Phil Corbett, Investor Relations Manager | +44 7713 687467 (UK) |
ir@jadestone-energy.com | |
| |
Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | +44 (0) 20 7710 7600 (UK) |
Callum Stewart | |
Jason Grossman | |
Ashton Clanfield | |
| |
Jefferies International Limited (Joint Broker) | +44 (0) 20 7029 8000 (UK) |
Tony White | |
Will Soutar | |
| |
Camarco (Public Relations Advisor) | +44 (0) 203 757 4980 (UK) |
Billy Clegg | jse@camarco.co.uk |
Georgia Edmonds | |
Elfie Kent |
About Jadestone Energy
Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.
The Company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company also has a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.
The Company has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions. Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia-Pacific region.
Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE). The Company is headquartered in Singapore. For further information on the Company please visit www.jadestone-energy.com.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.