Australia
Cossack-Wanaea-Lambert-Hermes (CWLH)
Jadestone holds a 33.33% non-operated interest in the CWLH oil fields, also known as the North West Shelf Oil Project, 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, approximately 150km offshore Western Australia in water depths of approximately 77-125 metres. The fields are located on the North-West of Dampier sub-basin, with the Angel Formation being the main producing reservoir. The reservoirs comprise a series of good quality sandstones benefitting from strong aquifer support.
Jadestone acquired its initial 16.67% interest in November 2022 and increased this to 33.33% by acquiring an additional interest in February 2024. Jadestone believes that further interests in the asset are likely to become available, and holds a general, but not priority, pre-emption right in respect of any future sales of CWLH interests.
The project comprises 13 subsea wells producing through the Ohka 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 producing, with net production to Jadestone’s averaging 3,711 bbls/d in 2024. The CWLH fields are estimated to contain aggregate gross 2P reserves of 36.9 mmbbls (12.3 mmbbls net to the 33.33% prevailing interest) at 31 December 2024.
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.
CWLH presentations
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