Business
Commencement of Akatara Contractual Gas Sales
Commencement of Akatara Contractual Gas Sales.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\n\n\nCommencement of Akatara Contractual Gas Sales\n \n31 July 2024 - Singapore: Jadestone Energy plc (\"Jadestone\", or the \"Company\"), an independent upstream company focused on the Asia-Pacific region, is pleased to provide the following update on the Akatara gas development project onshore Indonesia.\n \nSince 22 June 2024, when the Company announced mechanical completion of the Akatara Gas Processing Facility (the \"Facility\") and the introduction of reservoir gas into the Facility, raw gas production has ranged between 3-8 mmscfd, allowing for commissioning of the Facility's systems and the start of condensate production, which has totalled c.4,700 bbls to date.\n \nOn 31 July 2024, following successful packing of the 17km export pipeline from the Akatara field, commercial gas sales into the regional trunkline in Sumatra commenced at a rate of c.4 mmscfd, or approximately 20% of the daily contracted quantity (\"DCQ\") under the Akatara gas sales agreement. LPG production is expected to start imminently.\n \nJadestone will issue a further announcement once full DCQ (c.20 mmscfd) sales gas production is achieved, which is expected within the next two weeks. \n \nPaul Blakeley, President and CEO commented:\n \n\"The Akatara project has now met the key major milestone of first contractual gas sales, just over two years since the original investment decision was made and just five weeks after introducing reservoir gas into the processing facility. Successfully commissioning a major new processing plant, producing gas, condensate and LPGs in a relatively remote location in Indonesia, is no small task and represents a significant achievement for Jadestone. Over 7.5 million manhours without an LTI and over 40% of that delivered through local contractors only magnifies what we have accomplished.\n \nOn behalf of our shareholders, I want to thank all of the Jadestone employees and our contractors who have worked around the clock over the past months to address the challenges and issues that are entirely normal when commissioning a facility of this nature. The work doesn't stop there, as we will be laser focused on refining the processes and procedures at the Akatara processing plant to deliver the highest levels of uptime.\n \nThis is a major milestone...