REG - Jadestone Energy PLC - Introduction of First Gas at Akatara

Jadestone EnergyAnnouncement

24/06/2024 07:00

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RNS Number : 5529T  Jadestone Energy PLC  24 June 2024

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
 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) .

 

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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