Jadestone Energy

Resumption of Production Operations at Montara

4 July 2022 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company") an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at the Montara field offshore Australia.

Jadestone is pleased to report that, following a temporary repair of the leak point in the 2C tank and its complete isolation from the production system, together with a review by NOPSEMA of the Company's inspection and repair records relating to the Montara Venture FPSO crude oil tanks, production was safely reinstated on 3 July 2022.

The oil that was contained within the 2C crude oil storage tank has now been pumped to other tanks on the vessel so that there is no threat to the environment.  A permanent repair of the 2C tank is being advanced, with work expected to start within the next several days.  At the same time, Jadestone will begin to execute full inspection and remediation on the 2C oil tank, which was originally planned for July 2022, as part of the Company's rolling tank inspection and repair programme.  

Paul Blakeley, President and CEO commented:

"The restart of production at Montara is significantly ahead of our initial four-week assumption, and underscores both the integrity of the FPSO following our remediation campaign in recent years as well as our response to NOPSEMA's direction to ensure the risk to the environment is as low as reasonably possible.  Our teams, both onshore and offshore, have worked tirelessly to secure the vessel's integrity and to design and implement detailed solutions which satisfy the regulator, and I thank them for their efforts.  I am also grateful to NOPSEMA for its constructive and balanced approach as we have worked to restore safe operations at Montara.

We will ensure that the lessons learned from this event are incorporated into the future operating strategy for the Montara Venture FPSO, which aims to deliver a prolonged safe operating life for the vessel in years to come."

-ends-

For further information, please contact:

About Jadestone Energy

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region.  It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.

The Company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential.  The Company also has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions.  Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest (assuming completion of the Hexindo stake acquisition, as announced in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development.

In addition, the Company has executed a sale and purchase agreement to acquire a 69% operated working interest in the Maari Project, shallow water offshore New Zealand, and is working with the seller to obtain final New Zealand government approvals. 

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia-Pacific region.

Jadestone Energy plc is listed on the AIM market of the London Stock Exchange.  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.

Glossary