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Jadestone Energy PLC - Perth-based oil & gas development company with assets in Australia, Malaysia, Indonesia, Vietnam and the Philippines - Says it is not in a position to offer guidance on a possible Montara Venture FPSO production restart date. Expects 2022 production to average about 13,000 barrels of oil equivalent per day if production were restored in line with previous guidance, or closer to about 11,000 barrels of oil equivalent per day if the restart were towards the end of this year.
Earlier in August, Jadestone decided to shut production down at Monataro as it had encountered continued delays to repair work. This, Jadestone said, would result in incremental costs of between $2 million to $4 million. Following the shut-in, the company has been progressing a remediation plan, aiming to ‘deliver operational readiness to ensure a safe and reliable restart of the FPSO’.
Chief Executive Officer Paul Blakeley says: ‘We have shut-in production at Montara to focus exclusively on a remediation plan, and have accelerated the inspection and repair activity through prioritising additional maintenance crew offshore. We have made significant progress in restoring the FPSO to the standard which we expect while improving its reliability.’
Current stock price: 84.00 pence, down 6.2% on Monday
12-month change: up 11%
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