Jadestone Energy Announces First Production From the Stag 49H Infill Well
Thursday 23 May 2019
Jadestone Energy Inc., an independent oil and gas production company focused on the Asia Pacific region, announced that the Stag 49H infill well is in production at a rate of 1,400 bopd.
After concluding drilling operations on May 6, 2019, the well was given approximately two weeks for swell packers to expand and set while the Company completed hook-up operations prior to first production. First oil was achieved on May 21, 2019 and, following a brief clean-up period, the well is now producing at a rate of 1,400 bopd, confirming the Company’s confidence in delivering 1.2 mmbbls of incremental 2P oil reserves.
Paul Blakeley, President and CEO commented:
“I’m delighted to have safely and successfully completed our first infill well at Stag. This is another important milestone for Jadestone. When we acquired the field in July 2016, we recognised several opportunities to add value, including streamlining logistics and operations, improving uptime and, most importantly, adding additional barrels through infill drilling. The 49H infill well further validates our re-investment thesis and serves to enhance near-term cash flow, reduce unit opex and extend the productive life of the field. Moreover, we have enhanced our understanding of the reservoir, which plays into further drilling opportunities, and we continue to seek new opportunities to add value to the asset, particularly as we begin to realise economies of scale with our other Australia operations.”