REG - Jadestone Energy PLC - Akatara Update

Jadestone EnergyAnnouncement

06/06/2024 07:00

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RNS Number : 3867R  Jadestone Energy PLC  06 June 2024

Akatara Update

 

6 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.

 

The Akatara Gas Processing Facility (the "Facility") is nearing the key
milestone of mechanical completion, where all components and systems of the
Facility will have been constructed, installed and tested.

 

The project focus is now on the final commissioning of the plant ahead of
introducing wellhead gas.  The project remains on schedule for gas into the
Facility in approximately two weeks time and for commercial gas, LPG and
condensate sales following shortly thereafter.

 

The workover campaign on the five existing Akatara wells which will provide
gas to the Facility has been successfully completed, flowing at an aggregate
rate of 54 mmscf/d, significantly in excess of the c.25 mmscf/d of raw feed
gas required under the gas sales agreement. In addition, the 17km pipeline
which will deliver gas into the regional gas trunkline has been successfully
tested and is now ready to receive Akatara gas.

 

Approximately 7.7 million manhours have been worked on the Akatara project
without a lost-time incident.

 

Paul Blakeley, President and CEO commented:

 

"There has been a huge amount of effort and commitment across the business to
ensure that the Akatara project remains on schedule, and working closely with
our main contractor, we are on the threshold of the key milestone of
mechanical completion of the Facility. Whilst seeking to maintain the very
impressive safety performance to date, the team are now focused on the
remaining commissioning activities ahead of introducing first gas into the
Facility this month and delivering sales gas volumes."

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Paul Blakeley, President and CEO                      +65 6324 0359 (Singapore)
 Bert-Jaap Dijkstra, CFO

 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown

 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Andrew Turner

 Elfie Kent

 

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 (http://www.jadestone-energy.com) .

 

This release does not contain inside information.

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