Jadestone Energy, formerly known as Mitra Energy, has increased production from its Stag oil field off Australia by 40 percent since it took over operatorship of the field earlier this year.
The field is located in block WA-15-L, 60 kilometers offshore Western Australia in the Carnarvon Basin at a water depth of approximately 47 meters. It has been in production since 1998.
According to Jadestone’s statement on Monday, the Stag field has now reached a milestone average production rate exceeding 3,600 bbl/d over the ten-day period ending on October 14, 2017.
This 40% increase was achieved 14 weeks after Jadestone took over operatorship of the field, the company boasted.
This level of production exceeds the upper end of the company’s forward production guidance for Stag production in H2 2017 of 3,000 – 3,500 bbls/d. The company noted that the last production well at Stag was drilled four and a half years ago, in April 2013.
Chairman and Chief Executive Officer, Paul Blakeley, said: “I am very proud of the Jadestone team, both offshore and onshore, in managing to bring Stag production up to this rate, even without the additional benefit of drilling new infill wells. Not only have we demonstrated the ability of our people to identify opportunities to better manage mature producing assets like Stag, including significant reductions in operating costs, but we have proven that achievements like this can be accomplished with the highest regard for health, safety, and the environment.”
The Stag oil field produces crude oil from a shallow, low pressure reservoir, situated 60 kms north of the Australian coast. The field was initially developed in 1998, and achieved peak rates of 25,000 bbls/d, then entered a phase of steady decline, having produced just 2,570 bbls/d in the last reported quarter to June 30, 2017, or just prior to the company taking over operatorship from Quadrant Energy on July 10, 2017. The company has implemented various topside process changes, and is managing the asset on a well-by-well basis.
Blakeley also added: “We expect to continue maintaining production in the range of 3,000 – 3,500 bbls/d throughout the remainder of calendar year 2017, and will undertake an infill drilling program in 2018 intended to test the capacity of the reservoir and to increase production volumes further.”