TIDMJSE
RNS Number : 2112M
Jadestone Energy Inc.
04 January 2019
Jadestone Energy Inc.
Jadestone Energy Announces Readiness of Montara Asset for
Production Restart
January 4, 2019-Singapore: Jadestone Energy Inc. (AIM:JSE,
TSXV:JSE) ("Jadestone" or the "Company"), an independent oil and
gas production company focused on the Asia Pacific region,
announces the completion of works required for the restart of
production from the Montara oil field, following an extensive
maintenance and inspection shutdown.
Production restart plan
Work has been completed and the facilities are undergoing the
final stages of pressure testing to ensure asset integrity and a
safe restart of production. The oil train has been successfully
leak tested and the gas train is now being tested so that both can
start together, enabling immediate gas-lift and gas re-injection so
as to optimise production operations, as rapidly as possible. The
documentation required to lift the various improvement notices,
prohibition notice and direction letter issued by NOPSEMA, are in
the process of being evaluated by the regulator to allow the
facility to reintroduce hydrocarbons. That close-out is anticipated
within days. The conclusion of this maintenance and inspection
activity will result in improved facility reliability and uptime
going forwards, resulting in no major planned shutdowns until at
least H2 2020.
Jadestone and PTTEP are continuing to manage the asset under the
terms of the operator and transitional services agreement whereby
PTTEP, as the duty holder under the currently in-force safety case,
continues to operate the Montara assets, while all critical
leadership positions in the operation are now filled with Jadestone
secondees. In the meantime, the regulator is reviewing Jadestone's
recently submitted Montara safety case and environment plan. Upon
acceptance of these, the regulator will then permit the transfer of
operatorship to Jadestone.
Paul Blakeley, President and CEO commented:
"I'm pleased that the shutdown of the Montara assets has been
safely concluded, which now completes all overdue inspection and
maintenance items which we identified during the initial weeks
after closing the transaction with PTTEP. During the shutdown,
Montara personnel logged more than 9,000 hours of work, all
executed without a single safety incident. This is a testament to
the calibre of expertise on the asset and the leadership we have
now seconded into the Montara organisation, and a key early step
toward embedding the Jadestone operating philosophy and safety
culture on the asset.
"In addition to resolving the regulatory non-compliance notices,
which in our view now safeguards the integrity and reliability of
the Montara assets, we have worked closely with NOPSEMA, the
offshore regulator, to satisfy their concerns as laid out in
Direction Notice 0732, and are waiting for their final support to a
full restart of production."
Enquiries
Jadestone Energy Inc. +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +1 403 975 6752 (Canada)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
BMO Capital Markets Limited (Joint Broker) +44 (0) 20 7236 1010 (UK)
Thomas Rider
Jeremy Low
Thomas Hughes
Camarco (Public Relations Advisor) + 44 (0) 203 757 4980 (UK)
Georgia Edmonds jadestone@camarco.co.uk
Billy Clegg
James Crothers
About Jadestone Energy Inc.
Jadestone Energy Inc. 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, Vietnam and the Philippines.
The Company has a 100% operated working interest in Stag,
offshore Australia, and a 100% working interest in the Montara
project, offshore Australia, effective January 1, 2018. Both the
Stag and Montara assets include oil producing fields, with further
development and exploration potential. The Company has a 100%
operated working interest (subject to registration of PVEP's
withdrawal) in two gas development blocks in Southwest Vietnam and
is partnered with Total in the Philippines where it holds a 25%
working interest in the SC56 exploration block.
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 throughout the
Asia-Pacific region.
Jadestone Energy Inc. is currently listed on the TSXV and AIM.
The Company is headquartered in Singapore. For further information
on Jadestone please visit http://www.jadestone-energy.com.
Cautionary statements
Certain statements in this press release are forward-looking
statements and information (collectively "forward-looking
statements"), within the meaning of the applicable Canadian
securities legislation, as well as other applicable international
securities laws. The forward-looking statements contained in this
press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by
statements that express, or involve discussions as to expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of phrases such
as "will likely result", "are expected to", "will continue", "is
anticipated", "is targeting", "estimated", "intend", "plan",
"guidance", "objective", "projection", "aim", "goals", "target",
"schedules", and "outlook"). In particular, forward-looking
statements in this press release include, but are not limited to
statements regarding the concurrent startup of the oil and gas
trains, timing for close-out of improvement notices, prohibition
notice and directive issued by NOPSEMA, timing for future
maintenance shutdowns, and the future transfer of Montara
operatorship.
Because actual results or outcomes could differ materially from
those expressed in any forward-looking statements, investors should
not place undue reliance on any such forward-looking statements. By
their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, which contribute to the possibility that the predicted
outcomes will not occur. Some of these risks, uncertainties and
other factors are similar to those faced by other oil and gas
companies and some are unique to Jadestone. The forward-looking
information contained in this news release speaks only as of the
date hereof. The Company does not assume any obligation to publicly
update the information, except as may be required pursuant to
applicable laws.
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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