Jadestone Energy targets return to drilling operations amid easing weather conditions

Writer, Stock Market Wire
Monday, March 25, 2019 - 10:01

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.

Weather conditions were already easing and drilling operations would resume once it is safe for personnel to return offshore, the company said.

Preparations for drilling progressed safely and on schedule, when operations were paused due to severe weather conditions related to tropical cyclone Veronica., the company added.

The well would take approximately 34 days to drill, and was expected to be completed using an electric submersible pump and brought on production shortly thereafter. 

The well was targeting approximately 1.2mmbbls of unswept 2P oil reserves in a higher-pressure area of the Stag oilfield, just west of the platform. 

'The safety of our people is paramount in our business and our procedures require us to shut-down operations and de-man the facility during severe storm conditions.  Tropical storms are expected in the area in December and through February and we plan for two to three such weather-related events annually, which apply equally to drilling as well as production operations.  Though this storm is later than usual, our response in such circumstances is clear,' said Paul Blakeley, President and CEO.

At 10:01am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was -0.9p at 47.8p

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