The state regulator gave final approvals to operator Cyclone Energy on December 13 and partnerNorwest said this morning that the Jingemia field facilities were "in excellent operational condition" and that a sales contract has been executed with BP Kwinana refinery for crude offtake.
There is also a trucking contract in place to transport the crude to the refinery.
Jingemia is in Production License L14 which is 39.8sq.km and Norwest says it has "excellent prospectivity" both within Jingemia and other prospects within the license boundaries.
The JV partners are keen to explore further opportunities once stable production from the existing wells has been achieved.
Jingemia is estimated to have initially contained 11.9 million barrels of oil in place, with 4.4MMbbl recovered to date.
The JV partners are Cyclone Energy (33.722%), RCMA Australia (60%) and Norwest (6.278%).
Norwest managing director Shelley Robertson said that her company had made the decision some time ago to remain in the L14 JV and was happy with the relationships developed with new partners Cyclone and RCMA.
"The Jingemia oil field remains profitable for the new JV due to its significantly lower operating costs than under the previous operator. Planned well production enhancement activities and exploration opportunities present exciting upside for our shareholders," she said.
Meanwhile Norwest's exciting new prospect Xanadu, which it operates with Whitebark Energy and Triangle Energy, may begin its seismic survey by the end of the first quarter of next year.
Norwest was trading at 0.4c this morning.