Business
Existing Contractor Extension at Ogan Komering PSC
Existing Contractor Extension at Ogan Komering PSC.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2603G Jadestone Energy Inc. 28 February 2018 \n\n \n \n \nJadestone Energy Announces Temporary Appointment of Existing Contractor\nto Manage Ogan Komering Working Area for up to Six Months\n \n \nFebruary 28, 2018 - Jakarta: Jadestone Energy Inc. (TSXV:JSE) (\"JSE\" or the \"Company\") is pleased to announce that the Indonesian Minister of Mines and Energy has appointed the existing contractor - Pertamina Hulu Energy and Jadestone Energy (Ogan Komering) Limited, a wholly-owned subsidiary of JSE - to temporarily manage the Ogan Komering working area for up to six months from March 1, 2018. The existing contractor will continue to jointly operate the Ogan Komering Production Sharing Contract, Sumatera, Indonesia (\"PSC\") until September 1, 2018 or until the new Gross Split PSC of Ogan Komering Working Area is signed (whichever occurs first).\n \nThis continuation of operations will maintain the existing related rights and obligations in accordance with the current Ogan Komering PSC in which Jadestone has a fifty percent (50%) participating interest.\n \nChief Executive Officer, Paul Blakeley said, \"Jadestone Energy is ready to continue assisting Pertamina to maintain safe operations in Ogan Komering offsetting natural oil production decline with well interventions and reactivation of existing wells. Production at Ogan Komering has continued at approximately 2,900 barrels of oil equivalent per day (gross), with approximately seventy percent oil and thirty percent gas. We are also delighted to work closely with Pertamina and continue as a partner of choice in the new twenty year Gross Split PSC which will be awarded within the six month transition extension announced by the Minister of Mines and Energy.\"\n \n- ends -\n \nFor further information, please contact:\n \nMedia and General EnquiriesEmail: [email protected]\nPhone: +65 6342 0359\n \nInvestor EnquiriesEmail: [email protected]\nPhone: +1 (403) 975-6752\n \nAbout Jadestone Energy Inc.Jadestone Energy Inc. is a TSX-V listed oil and gas company headquartered in Singapore. The Company is currently engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines. Following a recent stra...