Jadestone Energy completed the acquisition of the producing Stag oilfield on November 11, 2016. The field, which is in the Carnarvon basin 60km offshore Western Australia in a water depth of approximately 47 metres, is currently producing an average of more than 3,400 barrels per day.
Stag, which has a single production platform, has proved and probable reserves (2P) of 14.6 million stock tank barrels (gross). 3P reserves (which include possible reserves) are 18.6 million stock tank barrels. The reservoir is shallow with high porosity and permeability that offers substantial potential to increase production through low cost field development activities, including well workovers and infill drilling.
Completion of two well workovers towards the end of 2016 is expected to increase production in the short term along with a programme of infill drilling in the field.
3D seisimic data interpreted last year has improved understanding of the reservoir highlighting potential field extensions that can add reserves. Further appraisal is planned of the South Field extension and the nearby Hart prospect.
The field life is estimated to be up to 2024 with limited additional investment.