Jadestone Energy up on Akatara gas development project updates

(Alliance News) - Jadestone Energy PLC shares rose on Monday, after it noted mechanical ...

Alliance News 24 June, 2024 | 1:17PM
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(Alliance News) - Jadestone Energy PLC shares rose on Monday, after it noted mechanical completion and introduction of first gas at the Akatara gas development project onshore Indonesia.

Shares in the Asia-Pacific focused upstream oil and gas company were up 6.3% to 34.00 pence each in London on Monday afternoon.

The company said on Tuesday last week the Akatara project achieved mechanical completion.

It explained that this means all components and systems of the facility have been constructed, installed and tested, marking a significant achievement prior to commercial production of the Akatara gas field.

On Saturday, reservoir gas was introduced to the facility from the Akatara-A4 well, and a period of final commissioning using reservoir gas has now commenced.

Chief Executive Paul Blakeley said: "I am delighted to announce this key milestone in the Akatara project, as we achieve mechanical completion of the gas processing facilities and bring first gas into the plant from an adjacent well pad. This is a result of tremendous effort by all involved within Jadestone, delivering to a very tough schedule with the help of our key contractors, government regulators and other stakeholders."

By Sophie Rose, Alliance News senior reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Jadestone Energy PLC 32.79 GBX -0.33 -

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