REG - Jadestone Energy PLC - Commencement of Akatara Contractual Gas Sales

Jadestone EnergyAnnouncement

31/07/2024 08:15

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RNS Number : 5616Y  Jadestone Energy PLC  31 July 2024

Commencement of Akatara Contractual Gas Sales

 

31 July 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.

 

Since 22 June 2024, when the Company announced mechanical completion of the
Akatara Gas Processing Facility (the "Facility") and the introduction of
reservoir gas into the Facility, raw gas production has ranged between 3-8
mmscfd, allowing for commissioning of the Facility's systems and the start of
condensate production, which has totalled c.4,700 bbls to date.

 

On 31 July 2024, following successful packing of the 17km export pipeline from
the Akatara field, commercial gas sales into the regional trunkline in Sumatra
commenced at a rate of c.4 mmscfd, or approximately 20% of the daily
contracted quantity ("DCQ") under the Akatara gas sales agreement.  LPG
production is expected to start imminently.

 

Jadestone will issue a further announcement once full DCQ (c.20 mmscfd) sales
gas production is achieved, which is expected within the next two weeks.

 

Paul Blakeley, President and CEO commented:

 

"The Akatara project has now met the key major milestone of first contractual
gas sales, just over two years since the original investment decision was made
and just five weeks after introducing reservoir gas into the processing
facility.  Successfully commissioning a major new processing plant, producing
gas, condensate and LPGs in a relatively remote location in Indonesia, is no
small task and represents a significant achievement for Jadestone.  Over 7.5
million manhours without an LTI and over 40% of that delivered through local
contractors only magnifies what we have accomplished.

 

On behalf of our shareholders, I want to thank all of the Jadestone employees
and our contractors who have worked around the clock over the past months to
address the challenges and issues that are entirely normal when commissioning
a facility of this nature.  The work doesn't stop there, as we will be laser
focused on refining the processes and procedures at the Akatara processing
plant to deliver the highest levels of uptime.

 

This is a major milestone for our company, a new low-cost production base in
Indonesia which will provide significant cash flow to the company, and benefit
local economies with cleaner, lower carbon energy, jobs and potential for
further investment and growth to come.  We look forward to ramping up in
short order to full DCQ production within the next couple of weeks.

 

-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) .

 

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.

 

 

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