Jadestone Energy, an Asia Pacific focused upstream company, said it produced first oil from its Stag 49H infill well, offshore Australia.
The well flowed at a production rate of 1,400 barrels of oil per day (bopd), the company, which has a 100 per cent operated working interest in Stag, said in a statement.
After concluding drilling operations on May 6, 2019, the well was given approximately two weeks for swell packers to expand and set while the company completed hook-up operations prior to first production.
First oil was achieved on May 21, 2019 and, following a brief clean-up period, the well is now producing at a rate of 1,400 bopd, confirming the company’s confidence in delivering 1.2 mmbbls of incremental 2P oil reserves.
“When we acquired the field in July 2016, we recognised several opportunities to add value, including streamlining logistics and operations, improving uptime and, most importantly, adding additional barrels through infill drilling,” said Paul Blakeley, President and CEO of Jadestone. “The 49H infill well further validates our re-investment thesis and serves to enhance near-term cash flow, reduce unit opex and extend the productive life of the field.”
He said the company has also enhanced its understanding of the reservoir, which plays into further drilling opportunities, and it continues to seek new opportunities to add value to the asset, “as we begin to realise economies of scale with our other Australia operations.”