Jadestone Energy resumes production at Montara Venture

Asia-Pacific oil and gas producer Jadestone Energy announced on Thursday that production operations at the Montara Venture floating production, storage, and offloading (FPSO) facility had now resumed.

The AIM-traded firm said the Montara offshore facility in Australia began production again after a “carefully-planned” restart programme.

As part of the programme, production began from the H6 well on the Montara field.

Additional wells were set to follow, including the first Skua subsea well, which was set to be brought online in the coming days.

Jadestone said it planned to increase production rates by systematically opening more wells in accordance with the restart plan.

The company said it would announce its production guidance for 2023 once the output at Montara was stabilised.

“It is a relief to see operations at Montara being restored and we look forward to increasing production and cash flow,” said president and chief executive officer Paul Blakeley.

“We also plan to return to growth, having completed three acquisitions within the last six months, with several new acquisition opportunities in the pipeline.

“Near-term organic growth from the Akatara project remains on track and with our first infill drilling programme in Malaysia, reinforcing the point that 2023 will be a big year for Jadestone.”

At 1243 GMT, shares in Jadestone Energy were down 1.21% at 68.17p.

Reporting by Josh White for Sharecast.com.