London, June 7, 2024 (The Energy Circle) - Jadestone Energy is nearing a significant milestone with its Akatara gas development project in Indonesia. The Akatara gas processing facility is approaching mechanical completion, with all components constructed, installed, and tested. The focus now shifts to the final commissioning phase, with the introduction of wellhead gas expected within two weeks. Following this, the facility will begin commercial sales of gas, liquid petroleum gas (LPG), and condensate.

The successful completion of the workover campaign on five existing Akatara wells has resulted in an impressive flow rate of 54 million cubic feet per day, far exceeding the required 25 MMcfd of raw feed gas stipulated in the gas sales agreement. The 17-kilometre pipeline, ready to deliver gas into the regional trunkline, has also been tested successfully.

Jadestone anticipates that the Akatara field will achieve a gross plateau production of approximately 6,100 barrels of oil equivalent per day, based on an estimated gas production rate of 18.8 million cubic feet per day, including associated condensate and LPG. This production level is expected to be maintained for seven years.

Under a gas sales agreement with Pelayanan Listrik Nasional Batam (PLN), Jadestone will supply a daily contract quantity of 20.5 billion British thermal units at $5.6 per million British thermal units. The agreement includes a 90% annual take-or-pay quantity and a maximum daily quantity of 110% of the DCQ.