Jadestone Energy plc

06/06/2024 | Press release | Distributed by Public on 06/06/2024 01:27

Akatara Update

Akatara Update

6 June 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, is pleased to provide the following update on the Akatara gas development project onshore Indonesia.

The Akatara Gas Processing Facility (the "Facility") is nearing the key milestone of mechanical completion, where all components and systems of the Facility will have been constructed, installed and tested.

The project focus is now on the final commissioning of the plant ahead of introducing wellhead gas. The project remains on schedule for gas into the Facility in approximately two weeks time and for commercial gas, LPG and condensate sales following shortly thereafter.

The workover campaign on the five existing Akatara wells which will provide gas to the Facility has been successfully completed, flowing at an aggregate rate of 54 mmscf/d, significantly in excess of the c.25 mmscf/d of raw feed gas required under the gas sales agreement. In addition, the 17km pipeline which will deliver gas into the regional gas trunkline has been successfully tested and is now ready to receive Akatara gas.

Approximately 7.7 million manhours have been worked on the Akatara project without a lost-time incident.

Paul Blakeley, President and CEO commented:

"There has been a huge amount of effort and commitment across the business to ensure that the Akatara project remains on schedule, and working closely with our main contractor, we are on the threshold of the key milestone of mechanical completion of the Facility. Whilst seeking to maintain the very impressive safety performance to date, the team are now focused on the remaining commissioning activities ahead of introducing first gas into the Facility this month and delivering sales gas volumes."


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About Jadestone Energy

Jadestone Energy plc is an independent upstream company focused on the Asia-Pacific region. It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive upstream investment climate.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy's business in Asia-Pacific, the Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as at Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

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 release does not contain inside information.