Business
Maintenance & Inspection Shutdown at Montara
Maintenance & Inspection Shutdown at Montara.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4548H Jadestone Energy Inc. 15 November 2018 \n\n\nJadestone Energy\nMaintenance & Inspection Shutdown at the Montara Field \n \nNovember 15, 2018-Singapore: Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (\"Jadestone\"), an independent oil and gas production company focused on the Asia Pacific region, provides an update on the Montara oil field (\"Montara\").\n \nSince completion of the acquisition of Montara on September 28, 2018, the Company has been working closely with PTT Exploration and Production Public Company Limited (\"PTTEP\") who remains the operator of Montara, during a transition period, in line with the normal regulatory approval process for operatorship transfer. Since the start of transition, which commenced early last month, Jadestone has identified a backlog of maintenance and inspection activities that need to be addressed, and a decision was taken to undertake a voluntary shutdown from November 1, 2018 to undertake the required work. \n \nThe Company and PTTEP had already scheduled a planned shut-down, but chose to accelerate this, in order to manage the maintenance work as efficiently as possible. The decision has been supported by NOPSEMA, the Australian offshore regulator, and among the scope of work being executed are overdue inspections, regular maintenance, and three specific areas of remediation which will address issues previously raised by NOPSEMA about the continued safe operation of the facility. The Company and PTTEP have also taken the decision to bring forward maintenance work planned for 2019 and the Company now anticipates that following this shut-down event, further major planned maintenance shutdowns will not be required until at least the second half of 2020. This should enable the Company to realise operational efficiencies and increase uptime through the course of next year and into 2020. \n \nA restart of production is expected in early December. \n \nPaul Blakeley, President and CEO, commented:\n \n\"Working closely with PTTEP, we have built a shutdown work scope to catch up on inspection work to ensure the ongoing safe and reliable operation of Montara. \n \n...