Jadestone Energy Share Discussion Threads

[neo26] 26/7/2024 15:00

Dont judge them on the past, they were a one trick pony now they have diversified assets. They had montara issues and were a little stretched due to spendin on akatara at the same time. Now is payback and hopefully this should recover. If they had major issues with akatara they would have informed market. Hopefully soon they will be producing..

[itsriskythat] 26/7/2024 13:17

Soon find out the state of play with Akatara, but I was expecting that Alatara first commercial gas sales would have merited a separate RNS.

[dunderheed] 26/7/2024 12:09

Well the wa thinfs are, it may still take some time even for small revaluation to be reflected re Aka.
Probably a nice little bump up, then to be sold into any strength?
Hope I'm wrong of course!

[upwego] 26/7/2024 11:55

just getting more undervalued at this rate.

I suppose the market is waiting on Ankatara production proof and then were away I reckon.

[mount teide] 26/7/2024 09:56

Good news - confirmation of the award of a 100% interest in the Puteri Cluster under a Small Field Asset Production Sharing Contract, that Jadestone plans to jointly develop with the 60% operated interest in the surrounding PM428 PSC awarded to Jadestone earlier in 2024. High quality mature assets with low re-development costs that have the potential to be a major cash flow generator over the next decade.

The reason why H2/2026 has been mentioned as the likely date to recommence operations is because the fields previous FPSO Bunga Kertas, is currently scheduled to come off hire from Chevron in H1/2026 - following the return into service after repair of the FSO Benchamas 2 that Chevron has on long term charter from the same owner MISC.

Encouraging that FPSO Bunga Kertas has the American Bureau of Shipping (ABS) as its Classification Society and oil major Chevron as the latest charterer - as ABS, like DNV, is one of the worlds's leading Classification Societies and, Chevron will only charter ships that are maintained under the applicable rules to the highest structural integrity and operational standards.


Field FPSO - Bunga Kertas - AfraMax with Single Point Mooring System

619,000 bbls - Max Storage Capacity
30,000 bopd - Max Production Capacity
20,000 bwpd - Water Production
40 MMscfd - Gas Production
83,213 Metric Tonnes - Deadweight

Upstream - Jan 2024

'Chevron, in its capacity as the 51.7% shareholder and operator for Block B8/32 in the Gulf of Thailand, has confirmed that it is temporarily replacing MISC’s floating storage and offloading (FSO) vessel Benchamas 2 with another MISC vessel following a hull incident back in March 2023 which experienced a seal malfunction during maintenance works which caused a sea water breach.

We gather that repair works for FSO Benchamas 2 may take up to 18 months for completion. The FSO has been performing passthrough operations to an offtake tanker since October 2023 after the safe removal of oil was completed in the previous month.

The replacement storage vessel is MISC’s own FPSO Bunga Kertas which is undergoing repair works since its class was suspended by the American Bureau of Shipping (ABS) in February 2022 due to hull integrity issues. The vessel is expected to replace Benchamas 2 in 2Q/2024, according to Chevron.

FPSO Bunga Kertas was previously attached to the Abu, Abu Kecil, Bubu, North Lukut and Penara (AAKBNLP) and PM 318 production sharing contracts (PSC) offshore Peninsular Malaysia, then owned by Petronas Carigali and Jadestone Energy.

The charter is expected to end sometime in 2024. We understand that Petronas had initially considered other plans for the FPSO including divestment or earlier decommissioning of 12 months ahead of schedule.'

[pughman] 26/7/2024 09:54

The more of JSE O&G assets that are in Malaysia, the better.

[nigelpm] 26/7/2024 09:16

Yes, another nice bolt on - their expertise in this area is clearly providing them with lots of opportunity. Perhaps also a result of the horrors of Montara - experience gained there will help.

[sea7] 26/7/2024 08:53

nice update - expectations met on this one so far

[thedudie] 26/7/2024 08:52

Plan is for FDAP to be submitted by end 2024 - not sure how long they will take to approve. The small field process seems slimmed down so maybe geared to quicker decisions than normal.

They clearly have big plans here hence the award of PM428 in January which was explained at the time as strategic.

Low cost development with high returns - more of the same please....

[spangle93] 26/7/2024 08:33

Well, at least it's a positive use of the acronym "SFA"

Award was flagged in the April presentation for "mid-year" so it's pretty much on schedule.

FPSO MoA already signed, signalling a quick restart to production if FDP approved in 2026

[croasdalelfc] 26/7/2024 08:08

Fiscal terms look good - FSO will be leased .hTTps://www.jadestone-energy.com/wp-content/uploads/2024/07/20240726-JSE-Presentation-Puteri-Cluster-Signing-vF.pdf

[neo26] 26/7/2024 07:51

Another decent deal..Now the update on monday..

[puzzler2] 26/7/2024 07:33

Minimum based on 15mboe estimated, over a 10 year life, is 4,100 boepd. Infill drilling may well increase the resource estimate over time. Looks like a good deal to me.

[11_percent] 26/7/2024 07:20

Is that an other 5,000 bopd......still to look at the presentation.

[jungmana] 26/7/2024 07:10

Good news from Malaysia, LBE also due an award there soon

[dunderheed] 26/7/2024 07:07

Well at least we got an RNS Neo! Not sure it was "the" one though, although potentially a nice addition.

[neo26] 24/7/2024 10:19

Just 2 more trading days before the rns.Hopefully the share price can finally move in the 40s

[fardels bear] 24/7/2024 10:18

Nickel and dime again.

[mount teide] 23/7/2024 23:02

sea7 - ref: slideshare link - Many thanks, some highly impressive investigative work!

[upwego] 23/7/2024 17:55

I think these start up issues, a project of this size is going to have a few issues in the startup testing phase. I`m not worried they have done a great job just seeing the size and scale of it.

[sea7] 23/7/2024 16:02

all under warranty as well and seems resolved

[1ajm] 23/7/2024 15:54

Sounds a little bit worse than I was expecting if I'm honest. But it would appear now they are already past it.

[sea7] 23/7/2024 15:23

translation of issue, courtesy of another poster on another board...

Issue

There is a manufacturing defect in the engine bearing of 2 gas compressor inlet units based on Jadestone's letter of June 5, so it must be replaced before commissioning.

There was damage to the coupling on the inlet gas compressor B when it was about to start up based on Jadestone's letter of 14 June.

Gas compressor vendors take too long to give the green light for start up compressors.

Resolution

which occurred when the pre-comp inlet gas compressor B was being investigated for the cause. Replacement will be made, material is in the process of shipping with ETA site W4 June. As an alternative, bearings have been replaced on 2 gas compressor inlet units.

Coupling damage

commissioning with only 1 inlet compressor (Unit A).

A continuous expedition was carried out by Jadestone and JGC to NEA (gas compressor vendor) to get the green light.

Project onstream outlook in Jul 2024.