Jadestone Brings One More Montara Well Online
Jadestone Energy has started production from the Montara H6 well following its tie-in into the Montara field facilities offshore Australia.
The well delivered an initial rate, after clean-up, of almost 10,000 bbls/d and following a period of well performance testing will be stabilized at around 3,000 bbls/d, as per guidance.
Jadestone said that the Valaris 107 rig has made the short move to the Skua-10 and Skua-11 workover location and operations on Skua-11 have now started.
The company has a 100 percent working interest in the producing Montara project. The field is located around 430 miles west of Darwin in the Timor Sea.
The Valaris 107 jack-up drilling rig was supposed to start work for Jadestone in the second quarter of 2021 but it arrived late and took it longer than expected to drill the Montara 6 well. The well has been sidetracked due to mechanical equipment issues.
It is worth noting that this latest well, along with the Skua workovers and the contribution of the Peninsular Malaysia assets, is putting Jadestone within arm’s length of a production rate of 20,000 boe/d towards the end of 2021.
“The Montara H6 well is an important milestone in our investment strategy for the Montara assets, confirming our view of the Montara reservoir, and providing near-term growth. It not only delivers a significant increase in oil production but is also a key step in our plan to deliver circa 20,000 boe/d towards the end of this year,” Paul Blakeley, President and CEO of Jadestone, said.
“Higher production coincides with continued strength in oil prices, to which we are fully exposed given our unhedged position. As a result, our balance sheet continues to strengthen, providing the platform from which to execute on further growth through investment in both the existing portfolio as well as further M&A,” he added.
The Valaris 107 rig is expected to complete its contract with Jadestone in October 2021. After that, the rig is scheduled to work on the Buffalo-10 well for Carnarvon Petroleum.
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