Montara Project General Direction Closed

Source: 2/8/2023, Location: Not categorized

Jadestone Energy, an independent oil and gas production company focused on the Asia-Pacific region, has provided the following update on the Montara Project offshore Australia.

On 18 January 2023, the Company disclosed that DNV's independent review of Jadestone's remediation plans and operational readiness for the Montara Venture FPSO had been completed and submitted to NOPSEMA, as required by the General Direction issued to the Company in September 2022. NOPSEMA's review has now been concluded and the General Direction closed.

Both hull and tank repair activity and the scheduled 4-yearly planned topsides maintenance activities on the Montara Venture FPSO are progressing well, with operational readiness and production restart still targeted to occur later in February 2023.

Paul Blakeley, President and CEO commented:

'The closing of the General Direction is a very important step towards restarting production at Montara. As previously reported, we have elected to carry out most of this year's planned annual shutdown work in parallel with the tank work to maximise efficiency during this period. The combined work scope is making good progress and when completed, we will declare operational readiness and deliver a safe restart of production, which is still targeted before the end of this month.

I would like to use this opportunity to recognise the onshore and offshore teams working tirelessly on Montara, across the Christmas and summer holidays to get Montara operationally ready again. Jadestone is looking to ensure Montara delivers safe and reliable operations going forward as well as capture the significant value we believe this asset holds.'

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