Mitra Closes Stag Oilfield Acquisition

Mitra Energy Inc. has confirmed that Jadestone Energy (Australia) Pty Ltd, a wholly owned subsidiary of Mitra, has closed the acquisition of the Stag oilfield, located offshore Western Australia.

On July 26, Mitra announced that Jadestone had signed a definitive Sale & Purchase Agreement with Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd, for the acquisition of a 100 percent interest in the Stag Oilfield. At closing, a cash consideration of $10 million was paid by Jadestone to Quadrant Energy and Santos. The payment was funded from the proceeds of the private placement completed on November 8th.

The Stag oilfield, which is situated in the Carnarvon Basin, has a production rate of around 3,468 barrels per day. This figure is expected to increase on the completion of two workovers planned for this month as well as further increases with the infill wells which are planned for 2017. 



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