Jadestone reports weather delays at Montara Project

Asia Pacific-focussed oil and gas producer Jadestone Energy updated the market on the Montara Project, offshore Australia, on Monday.

The AIM-traded company said that following good progress on the Montara Venture floating production, storage and offloading (FPSO) vessel tank repairs and independent assessment of its operational practices, the general direction issued by NOPSEMA was closed earlier in the month.

That, it said, had allowed a focus on the scheduled topsides maintenance workstreams, although that activity was impacted by recent severe weather conditions offshore northern Australia.

“While planned progress has generally been good, several days have been lost to weather-related delays and production restart, which was previously expected by the end of February, has been impacted accordingly,” the board said in its statement.

“A further announcement will be made when production resumes.”

At 1344 GMT, shares in Jadestone Energy were down 1.74% at 83.13p.

Reporting by Josh White for Sharecast.com.