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Australia

North West Shelf Oil Project

Jadestone acquired a non-operated 16.67% interest in the North West Shelf Oil Project in November 2022

In November 2022, Jadestone completed the acquisition of a non-operated 16.67% interest in the Cossack, Wanaea, Lambert and Hermes (“CWLH”) oil fields, which are located within four production licences (WA-3-L, WA-9-L, WA-11-L and WA-16-L) in the North Carnarvon basin offshore north-west Australia, known as the North West Shelf Oil Project and operated by Woodside Energy Group Ltd. In November 2023, Jadestone announced that it was increasing it’s interest in the CWLGH fields to 33.33%, through the acquisition of a further 16.67% interest from  Japan Australia LNG (MIMI) Pty Ltd. This acquisition is expected to complete in Q1 2024.

The project comprises 13 subsea wells producing through the Ohka floating production, storage and offloading vessel (“FPSO”).  The Okha FPSO was installed at the fields in 2011 and has 60,000 bbls/d of oil processing capacity, along with water handling and gas processing/reinjection facilities.

The Cossack, Wanaea and Hermes fields are currently in production and are estimated to contain aggregate gross 2P reserves of 30.3 mmbbls (5.1 mmbbls net) at 31 December 2021.  Gross average production from the fields in 2021 was 12,461 bbls/d (2,077 bbls/d net) with Q3 2022 production averaging 14,196 bbls/d gross (2,366 bbls/d net).

The CWLH fields also produce associated gas, with the partners in the North West Shelf Oil Project having the rights to the gas required to fuel the Okha FPSO, with the remainder being used as feedstock in the North West Shelf liquefied natural gas project.  The CWLH fields are considered to be mid-life producing assets with significant original oil in place, which Jadestone estimates at approximately 890 mmbbls, and which provides the opportunity for further investment to increase recovery factors.

 

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