In 2010, a certain Gaotai block of Daqing Oilfield adopted a 106-metre-5-point area well pattern to implement the infilling adjustment. After years of development, the water-cut has increased from 91.29% at the initial production to 96.02%, with an average annual increase rate of 1.3%. However, due to small well spacing, high speed of injection and production, and low qualified rate of water injection, the decline rate of the block has reached more than 10%, which poses a challenge to stable production. On the basis of in-depth study of the principal contradiction issues, the development effect was significantly improved after comprehensive adjustment in accordance with the working ideas of precise geological research to clarify the direction of potential excavation, precise scheme design to find the location of potential excavation, precise technological measures to improve the effect of measures, and precise management means to improve the overall efficiency. In addition, the precise understanding of the remaining oil in the ultra-high water-cut stage, the precise policy technique and the practical experience gained in the development and adjustment are of guiding and reference significance to the control of the production decline and the rise of water-cut in the ultra-high water-cut stage.