Jadestone lifts stake in CWLH oil fields offshore Australia

Offshore staff

SINGAPORE — Jadestone Energy has agreed to a deal to strengthen its interest in the Cossack, Wanaea, Lambert and Hermes (CWLH) oil fields in the Carnarvon Basin offshore northwest Australia.

The company is acquiring the 16.67% stake held by Japan Australia LNG (MIMI) for $9 million, along with subsequent abandonment trust payments. This will raise Jadestone’s share in the development to 33.33%.

Production has been impacted this year by facilities downtime, but a remediation program is underway to prevent similar issues in the future. The fields’ oil is low-sulfur and low-density. 

Jadestone sees potential to add incremental reserves through infill drilling, targeting unswept oil across all four of the fields, and through extending the life of the FPSO Okha beyond the originally projected expiry date of 2031. The vessel entered service in 2011.

11.14.2023