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Jadestone Energy PLC on Wednesday said it completed an independent review of its remediation plans and operational readiness for the Montara Venture floating production, storage and offloading unit.
Shares were up 9.6% at 78.00 pence each on Wednesday afternoon in London.
The Asia Pacific-focused oil and gas company said it has submitted the review to the National Offshore Petroleum Safety & Environmental Management Authority.
Jadestone explained this is a major step towards restoring production at Montara. It added that the work required as part of the planned maintenance programme for 2023 is being carried out in parallel with the tank activities, and says production is therefore expected to recommence during February 2023.
At the Stag Field, production is expected at 4,000 barrels of oil per day once planned overwork activity is completed.
By Xindi Wei, Alliance News reporter
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