Update on Transfer of Montara Operatorship

Source Press Release
Company Jadestone Energy Inc.PTT Exploration and Production (PTTEP) 
Tags Asset Deals, Deals, Upstream Activities
Date June 27, 2019

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 an update on expected timing for transfer of Montara operatorship.

The Company continues to make good progress toward transfer of operatorship from the seller, PTTEP Australasia (Ashmore Cartier) Pty Ltd (the “Seller”) to Jadestone, with acceptance of the new safety case by the Australian regulator the only remaining requirement.  Jadestone is in the final stages of the acceptance process and is working through the last few remaining points by providing further written clarification.  The Company anticipates formal transfer of operatorship in Q3 2019.

There continues to be no adverse impact to ongoing operations or production guidance, with Jadestone personnel seconded into key operational leadership positions, under the Seller’s approved safety case.  A number of changes have already been implemented, reducing opex by circa $20million on an annualised basis.  Improvements in uptime performance also continue.  Notwithstanding temporary disruptions from the ongoing riserless light well intervention (“RLWI”) campaign and weather-related downtime in April, uptime is currently similar to the first quarter.

Jadestone’s RLWI campaign on Montara is continuing as planned, with the objective of restoring gas lift to the Skua-11 and Swift-2 wells, perforating additional sands in the Swallow-1 well, and unlocking new heel volumes in the Skua-11 well.

Progress continues across the Company’s portfolio including production from the Stag oilfield, with continued strong performance from the recent 49H infill well, and the Company continues to advance negotiations towards development of Nam Du/U Minh, offshore Vietnam.

The Company will provide further details in due course, with its consolidated interim financial statements for the period ending June 30, 2019 due to be released in late August.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd