AIM-listed and Singapore-headquartered oil and gas player Jadestone Energy is making progress on production restart and development plans across its Asia-Pacific offshore portfolio, with two Australian fields targeted to resume output and a recommended floating production, storage, and offloading (FPSO) contractor approved for a major development in Vietnam.
Jadestone is progressing plans to reinstate production at its operated Stag field in Australia following the securing of a replacement catenary anchor leg mooring (CALM) buoy, which is undergoing final due diligence inspection and engineering work, with deployment expected in the first quarter of 2027.
Minor modifications to the existing mooring system will be carried out before the buoy is hooked up, with production restart targeted for the second quarter of 2027. The company’s business interruption insurance coverage for the Stag shutdown runs until May 2027.
On the other hand, production is still targeted to resume around the end of the third quarter of 2026 at the Woodside-operated Cossack, Wanaea, Lambert and Hermes (CWLH) fields, following planned remedial work to repair a subsea riser’s J-tube.
T. Mitch Little, Chief Executive Officer of Jadestone, commented: “Notwithstanding the positive momentum in the business, our performance in the first half was affected by two key external events, a delayed production restart at CWLH following the dry dock maintenance campaign, and the impact of Cyclone Narelle on our operated Stag field.
“These events, combined with the sale of our Thailand assets in April 2025, represent the bulk of the period-on-period production decline in the first half. We now have defined plans in place to reinstate production at both CWLH and Stag.”
Meanwhile, Petrovietnam has approved Jadestone’s recommended FPSO engineering, procurement, construction and installation (EPCI) contractor for the Nam Du/U Minh development in Vietnam. The firm has also submitted its recommended EPCI contractor for the project’s field facilities to the Vietnamese player.
Jadestone Energy’s CEO outlined: “Looking ahead, we remain focused on maintaining our positive operational momentum while progressing the next phase of growth.
“In Vietnam, we remain on track to take final investment decision on the Nam Du/U Minh development by the end of 2026, with the farm-out process progressing to final negotiations with a select short list of interested counterparties.”
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