In This Article:
SINGAPORE / ACCESSWIRE / September 26, 2019 / Jadestone Energy Inc. (JSE.L) (JSE.L) ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce the successful installation of replacement subsea umbilical cables at the Montara complex, offshore Australia.
The umbilical cables are an essential part of the control system of the Montara complex subsea wells, providing electrical power and control signals to the subsea well-heads. The replacement umbilical is expected to provide reliable operations for the remaining life of the field. This project was identified by the previous operator PTTEP as a high priority, however the work was deferred until operatorship was transferred. Jadestone's operating and engineering team was able to successfully complete this work on budget and without incident.
The replacement umbilical cables were installed using the DOF Subsea vessel Skandi Hercules, which was mobilised in Singapore on August 19, 2019, and completed work infield at Montara on September 22, 2019.
Paul Blakeley, President and CEO commented:
"I'm pleased to have completed this major capital project as the operator of Montara, safely, and on budget. Early on, we recognised the need to replace the control link to the Montara subsea wells, and this was done as soon as possible, following acceptance of Jadestone's safety case for Montara. I think of this as a one-off maintenance project, and having it completed now will provide greater confidence in our ability to deliver guidance volumes from Montara."
- Ends -
Enquiries
| Jadestone Energy Inc. | +65 6324 0359 (Singapore) |
| Paul Blakeley, President and CEO | +1 403 975 6752 (Canada) |
| Dan Young, CFO | |
| Robin Martin, Investor Relations Manager | |
| Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | +44 (0) 20 7710 7600 (UK) |
| Callum Stewart | |
| Nicholas Rhodes | |
| Ashton Clanfield | |
| BMO Capital Markets Limited (Joint Broker) | +44 (0) 20 7236 1010 (UK) |
| Thomas Rider | |
| Jeremy Low | |
| Thomas Hughes | |
| Camarco (Public Relations Advisor) | + 44 (0) 203 757 4980 (UK) |
| Billy Clegg | |
| James Crothers |
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% legal and beneficial interest in the Montara assets, and a 99% legal interest in the associated production licences AC/L7 and AC/L8 (the "Montara Titles"). The remaining 1% legal interest in the Montara Titles is being held on trust by the seller, in favour of the Company, until Australian regulatory approvals are obtained. 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.