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

Related content

Jadestone Energy gets safety clearance for Montara project offshore Australia

Jadestone Energy said its safety case of the Montara oil project offshore Australia had been accepted by the country's National Offshore Petroleum Safety and Environmental...

Tue, 06/08/2019 - 14:28

Jadestone Energy swings to net profit as record production in Q1 boosts revenues

Jadestone Energy swung to a net profit after reporting a 25% increase in first-quarter revenue from the previous quarter after ramping up production to record...

Wed, 29/05/2019 - 09:21

Jadestone Energy pumps out first oil from Stag 49H infill well

Jadestone Energy pumped out first oil from its Stag 49H infill, boosting the company's aim to deliver 1.2m barrels of incremental 2P oil reserves.


Thu, 23/05/2019 - 09:34

Jadestone Energy expects no change to pre-drill expectations for Stag 49H infill well

Jadestone Energy said its pre-drill expectations for the Stag 49H infill well would likely remain in unchanged following the latest drilling operations at the well....

Mon, 13/05/2019 - 10:24

Jadestone Energy targets return to drilling operations amid easing weather conditions

Jadestone Energy said its drilling operations would resume at its Stag oilfield once it is safe for personnel to return offshore following severe storm conditions....

Mon, 25/03/2019 - 10:01