REG - Jadestone Energy PLC - Akatara Update

Jadestone EnergyAnnouncement

19/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240819:nRSS8970Aa&default-theme=true

RNS Number : 8970A  Jadestone Energy PLC  19 August 2024

Akatara Update

 

19 August 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the
"Company"), an independent upstream company focused on the Asia-Pacific
region, provides the following update on the Akatara gas development project
onshore Indonesia.

 

As previously reported, gas sales from the Akatara field commenced on 31 July
2024 at an initial rate of c.4 mmscfd. Since then, the gas plant has been
progressively made operational and raw gas production into the Akatara Gas
Processing Facility ("AGPF") has been steadily increased to 20 mmscfd,
resulting in current gas sales in the range of 11-14 mmscfd.

 

The AGPF's export compressors, which pressurise the sales gas for export into
the regional gas transportation pipeline system, require further commissioning
work, which will allow the plant to achieve the full raw gas volume of
c.25mmscfd and deliver the sales gas daily contract quantity ("DCQ") of c.20
mmscfd, as specified in the Akatara gas sales agreement. This activity is
expected to complete this month, with any associated costs remaining the
responsibility of the main contractor and equipment vendor.

 

Paul Blakeley, President and CEO commented:

 

"We continue to make good progress at the Akatara project towards final
completion of the full processing facility, with recent tests demonstrating
that well delivery is strong and that the facilities can handle the required
raw gas volumes. Final completion, and plant handover to Jadestone, will occur
after an extended production test at DCQ volumes, which is a contractual
condition. We are confident this will be achieved once the export compressors
are fully operational at design pressures."

 

-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, Nam Du/U Minh in Vietnam and the SFA Cluster offshore
Malaysia, 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 include inside information.

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFIFEETIIALIS