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Montara Shutdown Scope Completed and Restart Update - Jadestone Energy

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Montara Shutdown Scope Completed and Restart Update

16 March 2023 – 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 the Montara Project (“Montara”) offshore Australia.

Since the most recent announcement on 27 February 2023, and following the final tank inspection and repairs on the Montara Venture FPSO and the lifting of the NOPSEMA General Direction, recent activity has focused on the planned four-yearly topsides maintenance programme. These workstreams were completed successfully and the Company is now progressing production restart activities.

While performing necessary testing on process equipment during restart activity, a small number of inconsistencies in standard fittings were identified and are currently being rectified to ensure safe operation.  This activity is expected to be completed in approximately one week.

A further announcement will be made when production resumes.

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 a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

The Company has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions, and a non-operated 9.52% interest in the Sinphuhorm producing gas field onshore Thailand.

Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.

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 (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.

This announcement does not contain inside information.

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