Jadestone Energy, an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at the Montara Venture FPSO offshore Australia, where production is temporarily shut in following the identification of a small defect between ballast water tank 4S and oil cargo tank 5C.

Since the most recent announcement on 10 August 2023, preparations to repair the 4S/5C defect have progressed in line with expectations, with the following activities taking place:

• Inspections in ballast water tank 4P have been completed, with two minor repairs to be carried out over the coming days, after which it is expected that tank 4P will be returned to service.
• The oil in tank 5C has been offloaded into a shuttle tanker and cleaning of the tank is well advanced, with a short inspection programme commencing later this week.
• The offload of the oil from tank 5C has permitted re-entry into tank 4S, with inspections now underway.

The defects encountered pose no safety or structural risk, nor any risk of a hydrocarbon leak to sea.

The Company continues to engage with the National Offshore Petroleum Safety and Environmental Management Authority on the results of ongoing inspections, analysis and near-term activities at the Montara Venture FPSO.

With regard to the disclosures in the 10 August 2023 announcement on the Company’s reserve-based loan, Jadestone currently does not expect production at Montara to be shut in for more than 60 days, subject to ongoing inspections, identifying the cause of the 4S/5C defect and implementing preventative measures.

KeyFacts Energy: Jadestone Energy Australia country profile