No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Asia-Pacific focussed oil and gas production company Jadestone Energy has signed a rig contract for infill drilling on its wholly-owned Stag oilfield, located offshore Australia, it announced on Monday.
The AIM-traded firm said Ensco Australia had agreed to provide the Ensco 107 jack-up drilling rig after completion of its current operation in Dampier, Western Australia.
Jadestone said it intended 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 would target approximately 1.2 mmbbl of incremental oil reserves from the field.
Jadestone said it was planning to spud the Stag-49H well in early March, with drilling operations expected to take around 34 days.
"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," said president and chief executive officer Paul Blakeley.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.