No profit, falling production, inadequate maintenance, a safety plan in limbo and a big clean-up if exploration fails: challenges aplenty at the Canadian company's only offshore facility.
No profit, falling production, inadequate maintenance, a safety plan in limbo and a big clean-up if exploration fails: challenges aplenty at the Canadian company's only offshore facility.
Jadestone Energy owns and operates the Montara and Stag oil projects off the coast of WA and has a stake in the North West Shelf oil fields. The London-listed and Singapore-headquartered company also has interests throughout South East Asia.
LON: JSE
NOPSEMA has ordered Jadestone to urgently address corrosion on its aged Montara Venture oil vessel in the Timor Sea, which "may pose significant safety and environmental risks."
Jadestone Energy is now two wells down at its Montara field in the Timor Sea where 75% of its production comes from but says it has the cash to work on both Montara and Stag in 2021.
