Existing Contractor Extension at Ogan Komering PSC

Existing Contractor Extension at Ogan Komering PSC



SINGAPORE (FSCwire) - Jadestone Energy Inc. (TSXV:JSE) ("JSE" or the "Company") is pleased to announce that the Indonesian Minister of Mines and Energy has appointed the existing contractor - Pertamina Hulu Energy and Jadestone Energy (Ogan Komering) Limited, a wholly-owned subsidiary of JSE - to temporarily manage the Ogan Komering working area for up to six months from March 1, 2018.  The existing contractor will continue to jointly operate the Ogan Komering Production Sharing Contract, Sumatera, Indonesia ("PSC") until September 1, 2018 or until the new Gross Split PSC of Ogan Komering Working Area is signed (whichever occurs first).

 

This continuation of operations will maintain the existing related rights and obligations in accordance with the current Ogan Komering PSC in which Jadestone has a fifty percent (50%) participating interest.

 

Chief Executive Officer, Paul Blakeley said, "Jadestone Energy is ready to continue assisting Pertamina to maintain safe operations in Ogan Komering offsetting natural oil production decline with well interventions and reactivation of existing wells.  Production at Ogan Komering has continued at approximately 2,900 barrels of oil equivalent per day (gross), with approximately seventy percent oil and thirty percent gas.  We are also delighted to work closely with Pertamina and continue as a partner of choice in the new twenty year Gross Split PSC which will be awarded within the six month transition extension announced by the Minister of Mines and Energy."

 

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For further information, please contact:

 

Media and General Enquiries
Email: [email protected]
Phone: +65 6342 0359

 

Investor Enquiries
Email: [email protected]
Phone: +1 (403) 975-6752

 

About Jadestone Energy Inc.


Jadestone Energy Inc. is a TSX-V listed oil and gas company headquartered in Singapore.  The Company is currently engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines.  Following a recent strategic review, the Company is focusing on acquiring assets with production in the near term, and where significant follow-on reinvestment opportunities exist to enhance value, as well as undeveloped discoveries which may be rapidly brought to production.

 

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This information is provided by RNS

The company news service from the London Stock Exchange



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public://news_release_pdf/Jadestone02282018.pdf

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Source: Jadestone Energy Inc. (TSX Venture:JSE)

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