Mr. Paul Blakeley reports
JADESTONE ENERGY INC ANNOUNCES RIG CONTRACT
Jadestone Energy Inc. has signed a rig contract for infill drilling on the Stag oil field, located offshore Australia (Jadestone 100 per cent).
Ensco Australia Pty. Ltd. has agreed to provide the Ensco 107 jack-up drilling rig to Jadestone, after completion of its current operation in Dampier, Western Australia. Jadestone intends to drill the Stag-49H well from the Stag wellhead platform, as a horizontal oil producer, targeting unswept pay in the Stag reservoir southwest of the platform. The well will target approximately 1.2 million barrels of incremental oil reserves from the field.
The company is planning to spud the Stag-49H well in early March, 2019, and drilling operations are expected to take approximately 34 days.
Paul Blakeley, president and chief executive officer, commented, "I am pleased to have signed the rig contract with Ensco to drill Stag-49H, the first infill well at the Stag field since 2013, and an important milestone for the company too."
About Jadestone Energy Inc.
Jadestone Energy is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low-risk, full-cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.
The company has a 100-per-cent operated working interest in Stag, offshore Australia, and a 100-per-cent working interest in the Montara project, offshore Australia, effective Jan. 1, 2018. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential.
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