Jadestone says Montara project in Australia performing well after shutdown

Writer, Stock Market Wire
Monday, January 28, 2019 - 14:48

Jadestone Energy said production from its Montara prospect offshore Australia was running ahead of its expectations since it was brought back online earlier this month.

Near-term production was anticipated to stabilise at around 10,000 barrels per day, compared to 2018 average production of 7,615 bbls/d.

As result of works completed during the shutdown, Jadestone said it expected there to be no major planned shutdowns until at least the second half of 2020.

'Since restarting production at Montara, we have seen a strong response from the reservoirs with production rates higher than anticipated,' chief executive Paul Blakeley said.

'We expect this to continue for a short period and then start to stabilise at our planned rates for the year.'

'With inspections and maintenance now fully up to date, the facility is running smoothly, and I expect we will see a significant improvement in uptime and an increase in average production rates accordingly.'

At 2:48pm: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was +0.2p at 37.9p

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