TIDMJSE
RNS Number : 2887E
Jadestone Energy PLC
06 July 2021
Jadestone Energy
Indonesian Government Allocates Lemang Gas
6 July 2021-Singapore: Jadestone Energy plc ("Jadestone" or the
"Company), an independent oil and gas production company focused on
the Asia Pacific region, is pleased to report that the Minister of
Mines and Energy, Indonesia has issued a Ministerial decree dated
30 June 2021, allocating gas sales from the Akatara gas field in
the Lemang PSC, onshore Indonesia, to a subsidiary of the national
electricity utility, PT Perusahaan Listrik Negara.
The Ministerial decree facilitates the development and
commercialisation of the Akatara gas field and also the associated
production and sales of LPG to the local domestic market in Jambi,
together with condensate sales to a local buyer.
Jadestone is also pleased to announce that a heads of agreement
("HoA") in relation to gas sales from its planned development, has
been executed with PT Pelayanan Listrik Nasional Batam ("PLN"), as
buyer. A fully termed gas sales agreement will now be progressed,
with negotiations underway.
The Ministerial decree and HoA specify a gross sales volume of
20 BBtu/d starting in Q1 2024 and a plant gate sales price of
US$5.60/mmBtu, at a delivery point approximately 17 kilometres from
the field.
Indonesia's upstream regulator, SKK Migas, has approved the HoA
which is fully aligned with the Ministerial decree.
Paul Blakeley, President and CEO commented:
"I am delighted to have come to this critical milestone and to
have obtained the support of both the Minister and SKK Migas in
pursuing this important development. Gas from the Akatara field
will ultimately be used for electricity generation by PLN, while
LPG sales will provide much needed energy directly to the local
market to meet domestic cooking requirements for the local
population in the Jambi region. The associated condensate
production will be utilised in the local market as well and will
proportionately offset the reliance on imported product.
Substituting coal burning with locally produced gas for power
generation as well as LPG for local domestic use are both important
contributions by Jadestone to the UN Sustainable Development
Goals.
The Ministerial decree facilitates the development of the
Akatara gas field and allocates the Lemang gas to meet domestic
electricity demand for industrial users in Batam. Importantly,
these arrangements are in line with the price, volume, and tie-in
expectations we set out when we acquired our 90% operated interest
in this asset just over six months ago, meaning our expectations
for value add remain unchanged. I look forward to pressing toward
formal field development sanction, in preparation for gas sales to
commence, with key workstreams already underway, optimising the
existing front end engineering study and preparing for contract
tendering later this year."
For further information, please contact:
Jadestone Energy plc +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +44 7392 940 495 (UK)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
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, Indonesia, Vietnam and the Philippines.
The Company has a 100% operated working interest in the Stag
oilfield and in the Montara project, both offshore Australia. Both
the Stag and Montara assets include oil producing fields, with
further development and exploration potential. The Company also has
a 100% operated working interest in two gas development blocks in
Southwest Vietnam, and an operated 90% interest in the Lemang PSC,
onshore Sumatra, Indonesia, which includes the Akatara gas
field.
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 2021, upon receipt of customary approvals. The
Company has also executed a sale and purchase agreement to acquire
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. The Company
anticipates completing the transaction in H2 2021, following the
waiver of pre-emption rights and receipt of PETRONAS approval .
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.
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
UPDDKABKPBKKOOK
(END) Dow Jones Newswires
July 06, 2021 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