Sona snags Stag oilfield for $50 million

Sona E&P struck a sales and purchase agreement with Australian oil and gas companies Quadrant Energy and Santos for a 100-percent stake in the Stag oilfield located offshore western Australia for $50 million, the Malaysian oil and gas independent announced Monday.

Under the terms of the agreement, Stag will have a full interest in the Production Licence WA-15-L, Pipeline Licence WA-6-PL and its associated assets. The company will also assume operatorship for the field.

Located in the Dampier sub-basin of the Carnarvon Basin about 60 kilometres offshore western Australia, the oilfield has been in production since 1988. The field currently has a production capacity of 50,000 barrels of oil per day. Sona aims to further enhance production of the oilfield through drilling infill production wells.

“The Stag oilfield has potential development and exploration opportunities and therefore, in a single transaction, Sona Petroleum will be able to enter the production, development and exploration stages of the upstream value chain,” the company said in the Monday statement.

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