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Jadestone remains fixed on Montara cure

16th August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) - Upstream oil and gas company Jadestone Energy remains focused on repairing its Montara floating production and storage operation (FPSO) offshore Australia, after a gas alarm was triggered.

The company at the end of July was forced to suspend operations at Montara after the gas alarm was triggered at the end of July within ballast water tank 4S, indicating possible communication with one of the adjacent tanks within the FPSO.

Last week, the company reported that tank 4S had been emptied and cleaned, and that an initial inspection had identified the location of a small defect between tank 4S and oil cargo tank 5C, which posed no safety or structural risk, or any risk of a hydrocarbon leak to sea.

“Jadestone is focused on repairing the very small defect between tank 4S and oil cargo tank 5C, which poses no safety or structural risk, nor any risk of a hydrocarbon leak to sea, and resuming operations in a safe manner,” a spokesperson for the company told Mining Weekly Online this week.

Concerns have been raised about Jadestone’s current financial position and whether the Australian taxpayer would be left to foot the bill of any potential clean-up.

Jadestone had $7.1-million cash on hand at the end of the June quarter, and had an undrawn $35-million standby working capital facility. The company this week said that its reserve-based lending facility included a requirement for borrowing base assets not to have a production interruption for a continuous period of 60 days or more.

The company said that it would be working with the facility banks to assess how the shut-in at Montara would impact the clauses and covenant under the facility.

Edited by Creamer Media Reporter

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