Jadestone Energy Announces Montara Production Restart
January 11, 2019—Singapore: Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, announces the restart of production from the Montara oil field, following its maintenance and inspection shutdown.
Production operations restarted at the Montara facilities on January 11, 2019, and production volumes will be ramped up while final checks are concluded. The entire facility will be restarted, including both the oil production system and the gas system, which enables gas-lift and gas re-injection so as to optimise production operations as rapidly as possible. The conclusion of this maintenance and inspection activity will result in improved facility reliability and uptime going forwards, resulting in no major planned shutdowns until at least H2 2020.
PTTEP Australasia (Ashmore Cartier) Pty Ltd (“PTTEP”), as seller of the Montara assets, has agreed to provide US$22 million to Jadestone in relation to this recent shutdown of the Montara facilities, including associated costs, of which approximately US$4 million was directly attributable to shutdown work scope.
Jadestone and PTTEP are continuing to manage the asset under the terms of the operator and transitional services agreement whereby PTTEP, as the duty holder under the currently in-force safety case, continues to operate the Montara assets, with all critical operations leadership positions now filled with Jadestone personnel who have been formally seconded into the PTTEP organisation. In the meantime, the regulator is reviewing Jadestone’s recently submitted Montara safety case and environment plan. Upon approval, the regulator will permit the transfer of operatorship to Jadestone.
Paul Blakeley, President and CEO commented:
“I’m delighted to see production operations safely resume at the Montara asset and pleased that the work we have completed alleviates the need for any further major planned outages until at least late 2020.
Catching up on Montara’s overdue inspection and maintenance tasks and resolving the regulatory non-compliance notices was a prudent step early in Jadestone’s experience with Montara, and serves to enhance the asset’s value.”
|Jadestone Energy Inc.||+65 6324 0359 (Singapore)|
|Paul Blakeley, President and CEO||+1 403 975 6752 (Canada)|
|Dan Young, CFOemail@example.com|
|Robin Martin, Investor Relations Manager|
|Stifel Nicolaus Europe Limited (Nomad, Joint Broker)||+44 (0) 20 7710 7600 (UK)|
|BMO Capital Markets Limited (Joint Broker)||+44 (0) 20 7236 1010 (UK)|
|Camarco (Public Relations Advisor)||+ 44 (0) 203 757 4980 (UK)|
About Jadestone Energy Inc.
Jadestone Energy Inc. 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, Vietnam and the Philippines.
The Company has a 100% operated working interest in Stag, offshore Australia, and a 100% working interest in the Montara project, offshore Australia, effective January 1, 2018. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest (subject to registration of PVEP’s withdrawal) in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.
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 throughout the Asia-Pacific region.
Jadestone Energy Inc. is currently listed on the TSXV and AIM. The Company is headquartered in Singapore. For further information on Jadestone please visit http://www.jadestone-energy.com.
Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “guidance”, “objective”, “projection”, “aim”, “goals”, “target”, “schedules”, and “outlook”). In particular, forward-looking statements in this press release include, but are not limited to statements regarding the timing for future maintenance shutdowns, and the future transfer of Montara operatorship.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company’s obligations under Article 17 of that Regulation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.