Australia’s Quadrant Energy has transferred operatorship of the Stag oil field, offshore Australia, to Jadestone Energy, formerly known as Mitra Energy.
In addition, the registered title has passed to Jadestone from Quadrant and Santos, Jadestone said on Monday.
The company previously completed its acquisition of the one hundred percent interest in the Stag oil field from sellers, Quadrant and Santos, on November 11, 2016. The transfer of operatorship and registered title has now occurred after completion of the NOPSEMA, (the Australian offshore regulator) regulatory processes and approvals.
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.
Chairman and Chief Executive Officer, Paul Blakeley, said, “This is a major milestone for us in delivering our objectives of building a long lived and sustainable business, moving from an exploration-led business to one centered around development and production, and which started with the Stag field acquisition late last year.
“We are excited about releasing the full value that we have identified in the asset, maximizing recovery and sustaining production for many years, offering significant benefit for our shareholders. I want to take the opportunity to thank both Quadrant and Santos, as sellers, for their support to the process of operatorship transfer, and to Quadrant especially for its ongoing attention to the safe operations of Stag whilst regulatory approval processes have been running their course.”
Mark Robertson, General Manager, Australia said: “The teams offshore and onshore are well prepared for this moment and extremely excited to be in a position to takeover operatorship. Everyone involved in this journey has worked tirelessly to ensure we have a smooth and safe transition and they should all be proud in reaching this point.”