Jadestone Energy PLC Announces Montara H6 Well Successfully Brought Onstream
Jadestone Energy has successfully brought the Montara H6 well onstream, marking a significant milestone in oil production. The well initially delivered nearly 10,000 bbls/d and is expected to stabilize around 3,000 bbls/d. This increase contributes to the company's target of achieving 20,000 boe/d by year-end. The company is also poised for further growth amidst strengthening oil prices, enhancing its balance sheet.
- Successful tie-in of Montara H6 well, enhancing production capacity.
- Initial production nearing 10,000 bbls/d, stabilizing at 3,000 bbls/d.
- Targeting 20,000 boe/d by the end of the year.
- Strengthening balance sheet due to rising oil prices.
- None.
Montara H6 well successfully brought onstream
SINGAPORE, SINGAPORE / ACCESSWIRE / September 28, 2021 / Jadestone Energy plc (the "Company"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that the Montara H6 development well has been successfully tied into the field facilities and commenced production. The well delivered an initial rate, after clean-up, approaching 10,000 bbls/d and following a period of well performance testing will be stabilised at around 3,000 bbls/d, as per guidance. The Valaris 107 rig has made the short move to the Skua-10 and Skua-11 workover location, and operations on Skua-11 have now commenced.
Paul Blakeley, President and CEO commented:
"The Montara H6 well is an important milestone in our investment strategy for the Montara assets, confirming our view of the Montara reservoir, and providing near term growth. It not only delivers a significant increase in oil production but is also a key step in our plan to deliver circa 20,000 boe/d towards the end of this year. Higher production coincides with continued strength in oil prices, to which we are fully exposed given our unhedged position. As a result, our balance sheet continues to strengthen, providing the platform from which to execute on further growth through investment in both the existing portfolio as well as further M&A."
For further information, please contact:
| Jadestone Energy plc | |
| Paul Blakeley, President and CEO | +65 6324 0359 (Singapore) |
| Dan Young, CFO | |
| Phil Corbett, Investor Relations Manager | +44 7713 687467 (UK) |
| ir@jadestone-energy.com | |
| Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | +44 (0) 20 7710 7600 (UK) |
| Callum Stewart | |
| Jason Grossman | |
| Ashton Clanfield | |
| Jefferies International Limited (Joint Broker) | +44 (0) 20 7029 8000 (UK) |
| Tony White | |
| Will Soutar | |
| Camarco (Public Relations Advisor) | +44 (0) 203 757 4980 (UK) |
| Billy Clegg | jse@camarco.co.uk |
| James Crothers |
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, Vietnam and the Philippines.
The Company has a
In addition, the Company has executed a sale and purchase agreement to acquire a
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 is listed on the AIM market of the London Stock Exchange. The Company is headquartered in Singapore. For further information on the Company please visit www.jadestone-energy.com.
Cautionary Statements
This announcement may contain certain forward-looking statements with respect to the Company's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements are made by the Company in good faith based on the information available at the time of this announcement, but such statements should be treated with caution due to inherent risks and uncertainties. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
This announcement does not contain inside information.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Jadestone Energy PLC
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FAQ
What is the production rate from the Montara H6 well announced by Jadestone Energy?
What production target does Jadestone Energy aim for by the end of the year?
How does the successful Montara H6 well impact Jadestone Energy's financial performance?
