Jadestone Energy, an Asia-Pacific-focused oil and gas company, has concluded the acquisition of additional stake in oilfields offshore Western Australia (WA).  

The Singapore-based company has acquired a 16.67% interest in the CWLH oil fields, part of the North West Shelf oil project.  

With the deal, Jadestone's non-operated working interest in the CWLH fields has increased to 33.33%. 

In November 2023, Jadestone executed a sale and purchase agreement with Japan Australia LNG to acquire the stake.  

The acquisition includes the seller's entire 16.67% working interest in the CWLH oilfields, subsea infrastructure, the Okha FPSO and full abandonment liabilities. 

As per the initial announcement, Jadestone would make payments of up to $111m (S$149.59m) in connection with the acquisition, which includes a consideration of $9m and up to $102m into the CWLH Abandonment Trust Fund in three instalments in 2024.  

Jadestone said the CWLH fields have been performing above expectations, averaging approximately 13,700 barrels per day (bpd) year-to-date in 2024.  

This equates to around 2,300bpd for the newly acquired 16.67% interest or approximately 4,600bpd for Jadestone's total 33.33% interest following the acquisition. 

Jadestone Energy president and CEO Paul Blakeley said: “The asset continues to outperform our expectations, with the imminent early March 2024 lifting proceeds expected to substantially offset the net cost of the first two abandonment funding instalments.   

“CWLH is fast becoming a key asset for Jadestone. Our increasing ownership and influence will help to realise the full potential of the fields through a life extension beyond 2031 and additional drilling.” 

Last month, Jadestone Energy signed a heads of agreement with PetroVietnam Gas for the development of the NDUM gas fields offshore Vietnam.  

The company is also in the process of negotiating to purchase Woodside's stake in the Macedon and Greater Pyrenees projects offshore WA.