Jadestone clears final regulatory hurdle for operatorship of Montara

Asia Pacific-focussed oil and gas production company Jadestone Energy confirmed on Tuesday that its safety case for the Montara oil project, offshore Australia, has been accepted by the country’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).

The AIM-traded firm said acceptance of the safety case was the last remaining requirement before Montara operatorship could be transferred from the seller to Jadestone.

“I am delighted to have our Montara safety case accepted by NOPSEMA,” said Jadestone Energy president and chief executive officer Paul Blakeley.

“Australia is a tier one regulatory regime which requires operators to demonstrate a very high standard of care in the oil and gas industry.

“Having our Montara safety case in force, both validates our credentials and our capabilities as an operator, and completes an important aspect of our own internal governance practices with regards to safe and environmentally sound operations.”

Jadestone said it was now completing the transfer of operatorship, and working with Australia’s National Offshore Petroleum Titles Administrator (NOPTA) to finalise the transfer of the remaining 1% legal interest in the Montara titles.