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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Jadestone Energy Inc    JSE   CA46989Q1000

JADESTONE ENERGY INC

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Jadestone Energy : Ready to Restart Montara Field Oil Production

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01/11/2019 | 07:36am EDT

Singapore-based Jadestone Energy Inc. has completed work required for the restart of production from Montara oil field in the Timor Sea following an extensive maintenance and inspection shutdown.

The facilities are now undergoing the final stages of pressure testing to ensure asset integrity and a safe resumption of production.

Jadestone said the oil train has been successfully leak-tested and the gas train is now being tested so that both can begin together. This will enable immediate gas-lift and gas reinjection to optimize oil production.

Documentation required to lift the prohibition notice and direction letter issued last year by the Australian offshore regulator, the National Offshore Petroleum Safety and Environmental Management Authority, are being evaluated to allow the reintroduction of hydrocarbons to the facility.

Jadestone and Thai company PTTEP are managing Montara under the terms of the operator and transitional services agreement whereby PTTEP, as the duty holder under the current safety case, continued to operate Montara, but all critical leadership positions in the operation are now filled with Jadestone secondees.

Jadestone CEO Paul Blakeley said the shutdown of Montara has been safely concluded and this completes all overdue inspection and maintenance items identified by Jadestone during the initial weeks after closing the acquisition of Montara.

Blakeley added that the successful remedial work program is a key early step towards embedding the Jadestone operating philosophy and safety culture on Montara.

(c) 2019 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 355 M
EBIT 2019 157 M
Net income 2019 -
Finance 2019 47,0 M
Yield 2019 0,80%
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 0,75x
EV / Sales 2020 0,47x
Capitalization 314 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 1,06 $
Spread / Average Target 55%
Managers
NameTitle
A. Paul Blakeley President, Chief Executive Officer & Director
Dennis Joseph McShane Non-Executive Chairman
Mark Craig Operations Manager
Daniel Young Chief Financial Officer
Robert Alexander Lambert Deputy Chairman & Director
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