Singapore-based Jadestone Energy Inc. has reported an average production rate from Stag oil field in licence WA-15-L off Western Australia of more than 3,600 b/d for the 10-day period to Oct. 14.
This represents a 40% increase in production since the company took over operatorship of the field on July 10 this year. Jadestone bought 100% of the field from the Quadrant Energy-Santos Ltd. joint venture for $10 million cash.
Jadestone says it has been 12 months since the field achieved this level of average production over a 10-day period. It also exceeds the company’s forward production guidance for the second half that was 3,000-3,500 b/d.
The last production well at Stage was drilled in April 2013 by the previous operators.
Jadestone bought the mature field believing it could identify opportunities to better manage the asset, including significant reductions in operating costs.
Stag field produces crude from a shallow, low-pressure reservoir 60 km off the coast at Dampier in the Carnarvon basin. It was initially brought on stream in 1998 and achieved peak production rates of 25,000 b/d but has been in steady decline for a number of years, producing just 2,570 b/d in the June quarter just prior to Jadestone acquiring the field and taking over operatorship.
Jadestone Chairman and Chief Executive Officer Paul Blakeley said the company expects to continue maintaining production in the 3,000-3,500 b/d range for the rest of this year. An infill drilling program is planned for 2018 with the intention of testing the capacity of the reservoir and further increase production volumes.
