Group Production and Guidance
Recent production performance demonstrates the positive effect of the Group's ongoing investment activity and recent acquisitions, delivering a more balanced and diversified portfolio. Six assets are now in production prior to the addition of the Akatara project in
Since
2023 guidance for capex (
Akatara
The Akatara development project is currently 83% complete and remains on schedule for commissioning activities in the first quarter of 2024 and first gas before mid-2024. Approximately 1,450 workers are currently on site, with c.2.9 million safe manhours worked to date on the Akatara project.
The Elang-1 rig is scheduled to mobilise to the Akatara development at the end of
The first well in the East Belumut infill drilling campaign on the PM323 PSC was, as previously reported, successfully drilled and brought onstream in
The third well was successfully drilled and completed in late
The fourth well in the programme has also been successfully drilled and has been tested at a gross rate of c.1,700 bbls/d in recent days.
As a result, the three wells drilled to date in the 2023 drilling programme are currently producing at a gross rate of c.6,200 bbls/d, significantly exceeding the pre-drill gross rate expectation for all four wells of 3,500 bbls/d. Consequently, gross PM323 production has reached c.8,800 bbls/d in recent days, or c.5,300 bbls/d net to Jadestone.
The Naga-2 rig will now complete the drilling of the second well in the programme, which was temporarily suspended due to fluid losses. The well is expected to reach total depth in the second half of November.
The capex for the 2023 East Belumut drilling campaign is now estimated at
Liftings
The Company expects to lift approximately 1.6 million barrels across November and
Progress at Akatara remains on schedule and, at 83% complete, first gas has been substantially de-risked, with pre-commissioning of certain key systems expected to commence shortly. The drilling programme at East Belumut has been very successful, supporting near-term growth, and the results provide encouragement for further drilling within the field with another four well campaign already being considered.'
About Jadestone Energy
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy's business in
Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.
This announcement may contain certain forward-looking statements with respect to the Company's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements are made by the Company in good faith based on the information available at the time of this announcement, but such statements should be treated with caution due to inherent risks and uncertainties. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
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