Jadestone Energy Gets NOPTA Nod for CWLH Title Transfer, Key to Drawing RBL

Wednesday, May 17, 2023

Asia-pacific focused oil and gas company Jadestone Energy has received approval from Australia’s National Offshore Petroleum Titles Administrator (“NOPTA”) for the title transfer relating to the acquisition of the interest in the Cossack, Wanaea, Lambert, and Hermes fields offshore Australia.

As previously reported, Jadestone Energy in November 2022 said it had completed the acquisition of a non-operated 16.67% working interest in the CWLH oil fields development offshore Australia from BP.

The fields are part of the North West Shelf Oil Project, offshore Western Australia. The two companies first announced the sale and purchase deal on July 28, 2022.

As for the NOPTA approval announced Wednesday, it is a key condition for Jadestone Energy to drawing the reserves-based loan (“RBL”), which is currently being arranged with several banks. 

"The Company continues to progress the RBL workstreams and a further announcement will be made when appropriate," Jadestone Energy said.

CWLH 

The acquired interest includes BP's entire 16.67% working interest in the CWLH oil fields, subsea infrastructure, Okha FPSO, and full abandonment liabilities estimated at US$82 million, and represents 10.4 mmbbls of acquired reserves and resources as of the effective date of 1 January 2020. 

Production from the CWLH fields averaged 14,196 bopd for the three months ended September 2022, or 2,366 bopd net to Jadestone's acquired interest.

Categories: Energy Mergers & Acquisitions Industry News Activity Production Australia/NZ

Related Stories

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

ABL Secures Rig Moving Assignment with India's ONGC

Eni-Petronas Gas Joint Venture Up for Launch in 2026

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

Brownfield Output Decline Accelerates, says IEA

China Starts Production at Major Oil Field in Bohai Sea

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Santos and QatarEnergy Agree Mid-Term LNG Supply

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com