23rd Mar 2023 11:28
(Alliance News) - Jadestone Energy PLC on Thursday said it has resumed production at its Montara Venture FPSO at its Montara project offshore Australia, after several days were lost on weather-related delays and production restart.
Jadestone Energy is an independent oil and gas production company focused on the Asia-Pacific region. An FPSO is a floating production, storage and offloading vessel.
Production restarted from the H6 well on the Montara field, the company said. Further wells will follow, including the first Skua subsea well, which will be brought on line in the coming days.
Jadestone said production rates would increase with the systematic opening of additional wells in line with the restart plan. It will announce its production guidance for 2023 once Montara output is stabilised.
"I would like to thank everyone in Jadestone who has contributed to the safe and successful restart of Montara operations as we look forward to putting this challenging period behind us and returning to business as usual. It is a relief to see operations at Montara being restored and we look forward to increasing production and cash flow," said Chief Executive Officer Paul Blakeley.
"We also plan to return to growth, having completed three acquisitions within the last six months, with several new acquisition opportunities in the pipeline. Near-term organic growth from the Akatara project remains on track and with our first infill drilling programme in Malaysia, reinforcing the point that 2023 will be a big year for Jadestone."
Jadestone Energy shares were trading 1.5% lower at 68.00 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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