Jadestone Energy plc (AIM:JSE) (“Jadestone” or the “Group”), an independent upstream production company focused on the Asia-Pacific region, announces that the Akatara gas development has successfully completed its formal EPCI contract performance test.
The EPCI contract performance test required a continuous 72 hour test of the Akatara gas processing facility (“AGPF”) at full production rates, representing the daily contract quantity of 20 MMscf/d under the Akatara gas sales agreement and associated LPG and condensate production.
During the performance test, sales production from Akatara averaged c.6,600 boe/d, of which c.50% was sales gas, with the other c.50% being condensate and LPGs.
This marks the conclusion of the commissioning phase at Akatara, with responsibility for day-to-day operations at the AGPF transitioning from JGC, the EPCI contractor, to Jadestone.
Adel Chaouch, Executive Chairman of Jadestone, commented:
“I would like to thank the Jadestone team and the Akatara EPCI contractor for their efforts over recent months as we have worked together to successfully commission the Akatara facilities. We also appreciate the support of the Indonesian government throughout the construction and commissioning phase of a project which is already having a positive impact on the local economy.
As part of our commitment to operational excellence, the focus at Akatara going forward will be delivering high uptime to consistently meet the gas buyer’s nominations and benefit from the valuable associated condensate and LPG streams. LPG production will be distributed locally in the Jambi province, reducing the need for imported LPG. The Akatara project has diversified and driven Jadestone’s production to record levels, and will be a cornerstone of the Group’s cash flow generation in the near-term.”
