AIM-listed Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, has provided an update in relation to the impact of Cyclone Narelle on the Stag field offshore Australia.
In line with Jadestone’s standard operating procedures, a shut down of the Stag facilities commenced on 23 March and the platform was demobilized due to the projected path of Cyclone Narelle, which developed into a Category 5 Storm with sustained wind speeds well in excess of 200 km/hr. After returning to the facilities on 28 March, storm related damage was observed on the Stag platform and at the offloading facilities.
The field’s export lines were cleared of hydrocarbons prior to shut-in and there was no release of hydrocarbons to the environment. The Australian offshore upstream regulator, NOPSEMA, was notified.
Jadestone is currently assessing the damage to the Stag facilities, while also developing repair plans and a schedule for the resumption of production. The Group has appropriate insurance in place, for both physical damage and loss of production income and is working with insurers through the standard claims process. Based on information currently available, Jadestone does not expect this incident to have a material financial impact on the Group’s current year or longer-term cashflow projections.
Prior to shutdown, the field was producing approximately 2,000 bbls/d.
The Company will provide a further update in due course.
Source: Jadestone Energy
