Mitra Energy, via its subsidiary Jadestone Energy, has acquired the producing Stag oilfield, offshore Australia, from Quadrant Northwest and Santos Offshore.
The move sees the firm become a producer for the first time. The Stag oilfield sits in block WA-15-L 60km offshore Western Australia in the Carnarvon Basin, in 47m water depth.
The production rate of the Stag Oilfield since the acquisition effective date of 1 July 2016 has averaged 3468 b/d, but is expected to increase on the completion of two workovers planned for this month as well as further increases with the infill wells, planned for 2017.
Jadestone paid US$10 million to Quadrant Energy and Santos. The firm's 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."
Following closing, Quadrant Energy will continue to perform its duties as operator of the Stag oilfield on behalf of Jadestone under a transitional services agreement until the earlier of 31 October 2017 or when Australian regulatory approvals required for Jadestone to be operator of the Stag oilfield have been obtained. These regulatory approvals are currently expected towards the end of Q1, 2017.