- Jadestone Energy said Tuesday its Montara facility was ready to resume oil production after an inspection had cleared the facility of any further integrity concerns or safety-critical exceptions.

The company said it expected production to restart later this month, once an independent audit, currently under way, was completed and regulator support was received. Work on the gas system, meanwhile, was progressing, independent of the oil system, and was now approximately 85% complete and expected to be finished in the near future, the company said.

The maintenance management system, which was identified as 'inadequate to reliably guide the asset's ongoing maintenance regimen,' had to be partially re-built, tested and audited internally for compliance, the company confirmed.

The safety management system had also been reviewed with extensive updates to the assurance plan, and all maintenance routines and inspection records had now been correctly incorporated into the two systems, the company added.

Jadestone also completed the secondment of a number of key operational leaders, both onshore and offshore, and was now 'well positioned' to advance a seamless transition over the next few months while the the company's safety case and environment plan were under review.

'The company anticipates that the facility will be able to operate reliably and without the need for a planned major maintenance shutdown until at least the second half of 2020,' Jadestone said.

At 10:12am: [LON:JSE] Jadestone Energy Inc Com Shs Npv Di share price was 0p at 35.8p

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