Mitra clinches Stag oil field acquisition offshore Western Australia

Offshore staff

SINGAPOREMitra Energy says its subsidiary Jadestone Energy (Australia) has closed the acquisition of the Stag oil field offshore Western Australia.

In July, Jadestone signed a sale and purchase agreement to acquire the 100% interest held by Quadrant Northwest and Santos. All conditions have now been satisfied.

Stag is in block WA-15-L, 60 km (37 mi) offshore in the Carnarvon basin in a water depth of around 47 m (154 ft). Since July, production has averaged 3,468 b/d but should rise on completion of two workovers planned for this month, aided by additional output from infill wells planned during 2017.

Quadrant will continue to perform its duties as operator on behalf of Jadestone under a transitional services agreement until Oct. 31, 2017, or when Australian regulatory approvals come through for Jadestone to take over as operator.

Mitra executive chairman Paul Blakeley said: “This is a major milestone for New Mitra as we look to transform our business to become a significant oil and gas production and development company in Asia/Pacific.”

11/14/2016

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