Newfield to Sell Stake in Challis & Jabiru Fields

Newfield Exploration Company has decided to sell its stake in the Challis and Jabiru fields located in the Timor Sea, 650 kilometers west of Darwin. The two fields currently have a combined production rate of 8,000 barrels per day. The Challis Field came onstream in 1989 and the Jabiru Field came onstream in 1990.

The fields are operated by Gulf Australia Resources. Santos and ExxonMobil are also minor stakeholders in the fields.