Mechanical Completion and
Introduction of First Gas at Akatara
24 June 2024 - Singapore: Jadestone Energy plc
("Jadestone", or the "Company"), an independent upstream company
focused on the Asia-Pacific region, is pleased to provide the
following update on the Akatara gas development project onshore
Indonesia.
On 18 June 2024, the Akatara Gas
Processing Facility (the "Facility") achieved the key milestone of
mechanical completion, meaning all components and systems of the
Facility have been constructed, installed and tested, marking a
significant achievement prior to commercial production of the
Akatara gas field.
On 22 June 2024, reservoir gas was
introduced to the Facility from the Akatara-A4 well, and a period
of final commissioning using reservoir gas has now commenced.
Condensate is already being processed to the Facility's storage
tanks in preparation for sale, with first commercial gas and LPG
sales to follow.
Paul Blakeley, President and CEO commented:
"I
am delighted to announce this key milestone in the Akatara Project,
as we achieve mechanical completion of the gas processing
facilities and bring first gas into the plant from an adjacent well
pad. This is a result of tremendous effort by all involved
within Jadestone, delivering to a very tough schedule with the help
of our key contractors, government regulators and other
stakeholders.
"I
am particularly proud of the safety-first mindset of the team and
delivery of the project without a single lost time injury with over
seven million manhours worked to date. The project now enters
the very final phase of commissioning as we move towards delivery
of commercial sales gas, condensate and LPG."
-ends-
For further information, please
contact:
Jadestone Energy plc
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Paul Blakeley, President and
CEO
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+65 6324 0359 (Singapore)
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Bert-Jaap Dijkstra, CFO
Phil Corbett, Head of Investor
Relations
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+44 (0) 7713 687467 (UK)
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ir@jadestone-energy.com
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Stifel Nicolaus Europe Limited (Nomad, Joint
Broker)
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+44 (0) 20 7710 7600 (UK)
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Callum Stewart
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Jason Grossman
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Ashton Clanfield
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Peel
Hunt LLP (Joint Broker)
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+44 (0) 20 7418 8900 (UK)
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Richard Crichton
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David McKeown
Georgia Langoulant
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Camarco (Public Relations Advisor)
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+44 (0) 203 757 4980 (UK)
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Billy Clegg
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jse@camarco.co.uk
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Andrew Turner
Elfie Kent
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About Jadestone Energy
Jadestone Energy plc is an
independent upstream company focused on the Asia-Pacific
region. It has a balanced and increasingly diversified
portfolio of production and development assets in Australia,
Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions
with a positive upstream investment climate.
Led by an experienced management
team with a track record of delivery, who were core to the
successful growth of Talisman Energy's business in Asia-Pacific,
the Company is pursuing a strategy to grow and diversify the
Company's production base both organically, through developments
such as at Akatara in Indonesia and Nam Du/U Minh in Vietnam, as
well as through acquisitions that fit within Jadestone's financial
framework and play to the Company's strengths in managing maturing
oil assets. Jadestone delivers value in its acquisition strategy by
enhancing returns through operating efficiencies, cost reductions
and increased production through further investment.
Jadestone is a responsible operator
and well positioned for the energy transition through its
increasing gas production, by maximising recovery from existing
brownfield developments and through its Net Zero pledge on Scope 1
& 2 GHG emissions from operated assets by 2040. This strategy
is aligned with the IEA Net Zero by 2050 scenario, which stresses
the necessity of continued investment in existing upstream assets
to avoid an energy crisis and meet demand for oil and gas through
the energy transition.
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.