Jadestone owns a 50% non-operated working interest in the PM318 and AAKBNLP licences in water depths of 59-70 metres.
The licence blocks hold several producing oil and gas fields, including North Lukut, Penara, and Puteri. The fields have been developed by way of fixed wellhead platforms, which are connected to the Bunga Kertas FPSO. PETRONAS Carigali is the operator, and holds the remaining 50% working interest.
On 7 February 2022, the Bunga Kertas FPSO had its class suspended, resulting in the PM318 and AAKBNLP licences having to shut-in and temporarily cease production. Since the class suspension, there has been no production and it is expected that production will remain shut-in for the remainder of 2022. Following a safety incident in the third quarter of 2022, the operator has paused its repair plan for the Bunga Kertas FPSO and is assessing the full range of alternatives, which include a comprehensive programme of repairs, an asset divestment or, given that the PM318 and AAKBNLP PSCs expire in 2024, a move towards decommissioning the asset 12 months earlier than originally planned.