Jadestone Energy said Friday its Montara oil field had resumed production following its maintenance and inspection shutdown.
Production operations restarted at the Montara facilities on January 11, and production volumes would be ramped up while final checks were concluded, the company said.
The entire facility would be restarted, including both the oil production system and the gas system, enabling gas-lift and gas re-injection in a bid to 'optimise production operations as rapidly as possible,' it added.
Paul Blakeley, President and CEO said 'the work we have completed alleviates the need for any further major planned outages until at least late 2020.'
PTTEP Australasia, as seller of the Montara assets, had agreed to 'provide US $22m to Jadestone in relation to this recent shutdown of the Montara facilities, including associated costs, of which approximately US$4 million was directly attributable to shutdown work scope,' Jadestone Energy confirmed.
At 10:07am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was +1.2p at 39.6p