Asia-pacific focused oil and gas company Jadestone Energy has received approval from Australia’s National Offshore Petroleum Titles Administrator (“NOPTA”) for the title transfer relating to the acquisition of the interest in the Cossack, Wanaea, Lambert, and Hermes fields offshore Australia.
As previously reported, Jadestone Energy in November 2022 said it had completed the acquisition of a non-operated 16.67% working interest in the CWLH oil fields development offshore Australia from BP.
The fields are part of the North West Shelf Oil Project, offshore Western Australia. The two companies first announced the sale and purchase deal on July 28, 2022.
As for the NOPTA approval announced Wednesday, it is a key condition for Jadestone Energy to drawing the reserves-based loan (“RBL”), which is currently being arranged with several banks.
"The Company continues to progress the RBL workstreams and a further announcement will be made when appropriate," Jadestone Energy said.
The acquired interest includes BP's entire 16.67% working interest in the CWLH oil fields, subsea infrastructure, Okha FPSO, and full abandonment liabilities estimated at US$82 million, and represents 10.4 mmbbls of acquired reserves and resources as of the effective date of 1 January 2020.
Production from the CWLH fields averaged 14,196 bopd for the three months ended September 2022, or 2,366 bopd net to Jadestone's acquired interest.