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Montara acquisition triples Jadestone's output

07 Mar 2019 4:35 PM | Sonia Harvey (Administrator)

JUNIOR producer Jadestone Energy has released its 2019 guidance ahead of announcing its full year results, and expects its overall production rates to triple thanks to its recent acquisition of the Montara oil field in offshore Western Australia.

Jadestone secured 100% of Montara from PTTTEP recently, adding it to the Stag field in northwest Western Australia and its pre-development and exploration assets in Vietnam and parts of Southeast Asia.  

Average Montara production over the last month reached a rate of 15,369 barrels of oil per day, following some flush production from Montara's restart and continued natural flow from the Skua-11 and Swift-2 wells.  

Average unit production from both Montara and Stag costs between US$21-24 per barrel, the junior reported.  

Jadestone estimates this year oil output across its producing assets will average between 13,500-15,500bopd. 

"Following our acquisition of the Montara asset, offshore Australia, we have tripled production, all of it high quality and premium-priced oil from offshore Australia, and are making good progress on a significant development project in Vietnam, which we expect to sanction this year," Jadestone CEO Paul Blakeley said.  

"As we increase our influence and control over the Montara asset, in preparation for taking over operatorship, we are identifying more opportunities to generate value for shareholders, including innovative ways to add reserves and resources, while optimising both production rates and operating costs."

 Source: Energy News Bulletin

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