SINGAPORE / ACCESSWIRE / May 13, 2019 / Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide a further update on its infill drilling programme at the Stag oilfield.
Drilling operations on the Stag 49H infill well successfully concluded on May 6, 2019, and the completion has now been run. The Ensco 107 drilling rig has moved off location and is now off-hire.
The well was completed with sand screens and swell packers which take a few days to expand and set. The Company will also conduct hook-up and commissioning activities and then put the well on production. Based on the well data there is no anticipated variance to the pre-drill expectations for this well, which is targeting approximately 1.2mmbbls of 2P oil reserves.
Enquiries
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Jadestone Energy Inc. |
+65 6324 0359 (Singapore) |
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Paul Blakeley, President and CEO |
+1 403 975 6752 (Canada) |
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Dan Young, CFO |
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Robin Martin, Investor Relations Manager |
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Stifel Nicolaus Europe Limited (Nomad, Joint Broker) |
+44 (0) 20 7710 7600 (UK) |
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Callum Stewart |
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Nicholas Rhodes |
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Ashton Clanfield |
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BMO Capital Markets Limited (Joint Broker) |
+44 (0) 20 7236 1010 (UK) |
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Thomas Rider |
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Jeremy Low |
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Thomas Hughes |
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Camarco (Public Relations Advisor) |
+ 44 (0) 203 757 4980 (UK) |
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Billy Clegg |
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James Crothers |
About Jadestone Energy Inc.
Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.
The Company has a 100% operated working interest in Stag, offshore Australia, and a 100% legal and beneficial interest in the Montara assets, and a 99% legal, subject to regulatory approval, and beneficial right, title, and interest in the associated production licences AC/L7 and AC/L8 (the "Montara Titles"). The remaining 1% legal interest in the Montara Titles is being held on trust by the seller, in favour of the Company, until Australian regulatory approvals relating to the transfer of operatorship of the Montara assets are obtained. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest (subject to registration of PVEP's withdrawal) in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia-Pacific region.
Jadestone Energy Inc. is currently listed on the TSXV and AIM. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.
Cautionary statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Glossary
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2P reserves |
the sum of the proved plus the probable reserves, denotes the best estimate scenario of reserves |
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mmbbls |
million barrels |
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Reserves |
discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorised in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterised by development and production status. |
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SOURCE: Jadestone Energy Inc.