Jadestone Energy plc , an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that the Montara H6 development well has been successfully tied into the field facilities and commenced production. The well delivered an initial rate, after clean-up, approaching 10,000 bbls/d and following a period of well performance testing will be stabilised at around 3,000 bbls/d, as per guidance. The Valaris 107 rig has made the short move to the Skua-10 and Skua-11 workover location, and operations on Skua-11 have now commenced.
Paul Blakeley, President and CEO commented:
“The Montara H6 well is an important milestone in our investment strategy for the Montara assets, confirming our view of the Montara reservoir, and providing near term growth. It not only delivers a significant increase in oil production but is also a key step in our plan to deliver circa 20,000 boe/d towards the end of this year. Higher production coincides with continued strength in oil prices, to which we are fully exposed given our unhedged position. As a result, our balance sheet continues to strengthen, providing the platform from which to execute on further growth through investment in both the existing portfolio as well as further M&A.”
