Jadestone Energy Announces Acceptance of its Stag Environmental Plan by NOPSEMA
Singapore, December 21, 2017: Jadestone Energy Inc. (TSXV: JSE) (the “Company”) announces that Australia’s National Offshore Petroleum Safety and Environmental Management Authority (“NOPSEMA”) has accepted the Company’s revised Environment Plan (“EP”) to operate the Stag Oilfield, offshore Dampier, Western Australia.
“As a new operator in Australia we’re delighted to have our EP accepted by NOPSEMA, our team having worked very closely with the regulator over the last six months to achieve this. Jadestone’s EP clearly demonstrates how the Company will reduce environmental impacts and risks to as low as reasonably practicable (ALARP) and an acceptable level, in consultation with our stakeholders, all of which is supported by our business management system.” said Mark Robertson, Jadestone’s General Manager in Australia.
The EP was revised in accordance with Australia’s Offshore Petroleum and Greenhouse Gas Storage (Environment) Regulations 2009. Since becoming titleholder and operator of the Stag Oilfield on July 10, 2017, Jadestone has been operating under an accepted EP developed by the previous operator.
Paul Blakeley, President and CEO commented “The acceptance of our revised EP marks another major milestone for Jadestone. Australia’s regulatory environment is stringent, and we have a great team that is able to thrive in this challenging environment. We continue to find ways to reduce waste by improving Stag’s efficiency, including increasing production rates by 40% and reducing unit operating expenses by 20% to date. Acceptance of our EP underscores the depth of experience and operating credentials the Jadestone team brings to managing second phase assets.”
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About Jadestone Energy Inc.
Jadestone Energy Inc. is a TSX-V listed oil and gas company headquartered in Singapore. The Company is currently engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines. Following a recent strategic review, the Company is focusing on acquiring assets with production in the near term, and where significant follow-on reinvestment opportunities exist to enhance value, as well as undeveloped discoveries which may be rapidly brought to production.
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