TIDMJSE
RNS Number : 9214X
Jadestone Energy Inc.
03 September 2020
Jadestone Energy
New Stag Offtake Arrangements
September 3, 2020-Singapore: Jadestone Energy Inc. (AIM:JSE)
("Jadestone", or the "Company"), an independent oil and gas
production company focused on the Asia Pacific region, announces
new offtake arrangements for its Stag oilfield.
Jadestone's 100% owned and operated Stag oilfield produces crude
oil via a fixed leg, central processing facility platform, which,
since the field's original development, has been offloaded to a
floating storage and offloading vessel ("FSO"), the Dampier Spirit,
which is moored to a catenary anchor leg mooring buoy. In May 2020,
the owner of the Dampier Spirit advised the Company of its
intention to retire the Dampier Spirit later in 2020, and, as
required under the terms of their agreement with Jadestone, they
have been unable to provide a suitable replacement vessel.
As a consequence, the Company has developed a new operating
strategy, utilising offtake tankers to directly offload Stag crude
oil, in place of the existing long term leased FSO. To implement
this strategy Jadestone has awarded a contract to a respected
international tanker provider who will supply modern double hulled
tankers, operated to the highest safety and environmental
standards. This new operating model has significant environmental
risk mitigants over the existing model, by eliminating the need for
ship to ship oil transfers in field. These arrangements are
expected to realise annual savings of approximately 20% over the
current FSO operation.
The first offtake tanker is scheduled to arrive in the field
coincident with the Dampier Spirit departure in mid September 2020.
Ultimately multiple offtake tankers will rotate through the field
on a schedule that optimises production continuity.
The new model has also required a change to the regulatory
structure that was in place for the FSO. Jadestone has worked with
Australian regulators, the National Offshore Petroleum Safety and
Environmental Management Authority and the Australian Maritime
Safety Authority ("AMSA"), to ensure the model complies with all
relevant laws and regulations and to obtain their acceptance. This
includes both the requisite updates to the Company's safety case
for the Stag asset, and agreement that the vessels should be
regulated by AMSA.
Paul Blakeley, President and CEO commented:
"I'm delighted with the new offtake arrangements that are being
implemented for Stag, which will realise annual savings of
approximately 20% over the current FSO operation, and which in turn
will enhance the value of our booked reserves. At the same time, we
are always mindful of our safety and environmental obligations and
have arrived at a more efficient cost-effective solution that
significantly reduces environmental risk."
- Ends -
Enquiries
Jadestone Energy Inc. +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +44 7392 940 495 (UK)
Dan Young, CFO
Robin Martin, Investor Relations Manager ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Simon Mensley
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)
Georgia Edmonds jadestone@camarco.co.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 the Stag
oilfield and the Montara project, both offshore Australia. Both the
Stag and Montara assets include oil producing fields, with further
development and exploration potential. The Company has a 100%
operated working interest 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.
In addition, the Company has executed a sale and purchase
agreement to acquire an operated 69% interest in the Maari Project,
shallow water offshore New Zealand, and anticipates completing the
transaction in H2 2020, upon receipt of customary approvals. The
Company has recently executed an agreement to acquire an operated
90% interest in the Lemang PSC, onshore Sumatra, Indonesia, and
anticipates completing the transaction in Q1 2021, upon receipt of
customary approvals. The block includes the Akatara gas field.
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 Inc. is listed on the AIM market of the London
Stock Exchange. The Company is headquartered in Singapore. For
further information on Jadestone please visit
www.jadestone-energy.com.
Cautionary statements
Certain statements in this press release are forward-looking
statements and information (collectively "forward-looking
statements"), within the meaning of the applicable Canadian
securities legislation, as well as other applicable international
securities laws. The forward-looking statements contained in this
press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by
statements that express, or involve discussions as to expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of phrases such
as "will likely result", "are expected to", "will continue", "is
anticipated", "is targeting", "estimated", "intend", "plan",
"guidance", "objective", "projection", "aim", "goals", "target",
"schedules", and "outlook"). In particular, forward-looking
statements in this press release include, but are not limited to,
statements regarding anticipated cost savings as a result of the
new Stag offtake arrangements, and the timing to implement these
changes.
Because actual results or outcomes could differ materially from
those expressed in any forward-looking statements, investors should
not place undue reliance on any such forward-looking statements. By
their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, which contribute to the possibility that the predicted
outcomes will not occur. Some of these risks, uncertainties and
other factors are similar to those faced by other oil and gas
companies and some are unique to Jadestone. The forward-looking
information contained in this news release speaks only as of the
date hereof. The Company does not assume any obligation to publicly
update the information, except as may be required pursuant to
applicable laws.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEASNDELFEEEA
(END) Dow Jones Newswires
September 03, 2020 02:00 ET (06:00 GMT)
Jadestone Energy (LSE:JSE)
Historical Stock Chart
From Apr 2024 to May 2024
Jadestone Energy (LSE:JSE)
Historical Stock Chart
From May 2023 to May 2024