TIDMJSE
RNS Number : 7856Y
Jadestone Energy Inc.
13 May 2019
Jadestone Energy Inc.
Jadestone Energy Provides a Further Update on Stag Infill
Drilling
May 13, 2019-Singapore: 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.
- Ends -
Enquiries
Jadestone Energy Inc. +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +1 403 975 6752 (Canada)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
BMO Capital Markets Limited (Joint Broker) +44 (0) 20 7236 1010 (UK)
Thomas Rider
Jeremy Low
Thomas Hughes
Camarco (Public Relations Advisor) + 44 (0) 203 757 4980 (UK)
Billy Clegg jadestone@camarco.co.uk
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
Certain statements in this press release are forward-looking
statements and information (collectively "forward-looking
statements"), within the meaning of the applicable Canadian
securities legislation, as well as other applicable international
securities laws. The forward-looking statements contained in this
press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by
statements that express, or involve discussions as to expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of phrases such
as "will likely result", "are expected to", "will continue", "is
anticipated", "is targeting", "estimated", "intend", "plan",
"guidance", "objective", "projection", "aim", "goals", "target",
"schedules", and "outlook"). In particular, forward-looking
statements in this press release include, but are not limited to
statements regarding the Company's intention to conduct hook-up and
commissioning activities, timing for putting the well on
production, and resulting rates and reserves associated with the
well.
Because actual results or outcomes could differ materially from
those expressed in any forward-looking statements, investors should
not place undue reliance on any such forward-looking statements. By
their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, which contribute to the possibility that the predicted
outcomes will not occur. Some of these risks, uncertainties and
other factors are similar to those faced by other oil and gas
companies and some are unique to Jadestone. The forward-looking
information contained in this news release speaks only as of the
date hereof. The Company does not assume any obligation to publicly
update the information, except as may be required pursuant to
applicable laws.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of that Regulation.
The technical information contained in this announcement has
been prepared in accordance with the March 2007 guidelines endorsed
by the Society of Petroleum Engineers, World Petroleum Congress,
American Association of Petroleum Geologists and Society of
Petroleum Evaluation Engineers Petroleum Resource Management
System.
Henning Hoeyland of Jadestone Energy Inc., a Subsurface Manager
with a Masters degree in Petroleum Engineering who has been
involved in the energy industry for more than 17 years, has read
and approved the exploration and appraisal disclosure in this
regulatory announcement.
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
2P reserves the sum of the proved plus the probable reserves,
denotes the best estimate scenario of reserves
mmbbls million barrels
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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