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 announce the start of a riserless light well intervention (“RLWI”) campaign at the Montara complex, offshore Australia.
The Sapura Constructorlight well intervention vessel was mobilised to the field on May 30, 2019 and, after conducting pre-work safety checks, is now operating at the Skua-11 well, as planned. The RLWI campaign is a highly engineered work programme utilising leading edge technology; the first time this technology has been deployed in Australia. The programme is intended to restore gas lift to the Skua-11 and Swift-2 wells, perforate additional sands in the Swallow-1 well, and unlock new heel volumes in the Skua-11 well.
Paul Blakeley, President and CEO commented:
“I’m very pleased to see the start of the RLWI campaign, Jadestone’s first major re-investment project at Montara since acquiring the asset in September last year. Using a light well intervention vessel to tackle these early opportunities at Montara is the most cost-efficient approach, when compared with utilising a drilling rig, and will enhance short-term production reliability and improve uptime performance from the subsea wells. The RLWI has a rapid payback, and is the first of a list of identified investment opportunities to improve Montara’s performance, increasing value and returns to the business.”
Operations on Montara, including the RLWI, are being conducted under the current PTT Exploration and Production Public Company Limited Safety Case and utilising an Operator and Transitional Services Agreement, which will govern the operation and management of the Montara assets and the provision of transitional services until the transfer of operatorship to Jadestone.
Source: Company Press Release