Jadestone Energy PLC on Monday reported good progress with production at the Akatara project, with the company on track to complete the processing facility in August.
The Singapore-based upstream energy company is focused on assets in the Asia-Pacific region including the onshore Akatara gas development project in Indonesia.
On July 31, Jadestone announced the commencement of gas sales from the Akatara field at an initial rate of approximately 4 million standard cubic feet per day.
Since then, the gas plant has been progressively made operational with raw gas production into the processing facility rising to 20 mmscfd, resulting in current gas sales in the range of 11 to 14 mmscfd.
The facility’s export compressors, which pressurise the sales gas for export into the regional gas transportation pipeline system, require additional commissioning work to achieve full raw gas volume of 25 mmscfd. This work will deliver the required daily gas sales of around 20 mmscfd, as specified in the Akatara gas sales agreement signed in December 2021.
This activity is due for completion in August, with any associated costs remaining the responsibility of the main contractor and equipment vendor.
Chief Executive Officer Paul Blakeley said: ‘We continue to make good progress at the Akatara project towards final completion of the full processing facility, with recent tests demonstrating that well delivery is strong and that the facilities can handle the required raw gas volumes. Final completion, and plant handover to Jadestone, will occur after an extended production test at DCQ volumes, which is a contractual condition. We are confident this will be achieved once the export compressors are fully operational at design pressures.’
Jadestone Energy shares were up 1.2% to 30.37 pence each in London on Monday afternoon.
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