Our partners, Norwest Energy, have discovered oil in their Xanadu-1 drilling campaign! Shares for both Norwest Energy and Triangle Energy have soared!
Wireline logs over a 330m section confirm reservoir quality sand intervals throughout the Irwin River Coal Measures (IRCM) with porosities ranging 15% to 16%. Three discrete sand intervals (A, B, C) at top of IRCM have log-derived hydrocarbon saturations between 41-66% with 4.6m of net pay in sand “A”.
For the full details, read the ASX Announcement here.
Triangle Energy (Global) Limited (Triangle, the Company) is pleased to announce that State Gas Limited
(State Gas), until recently a wholly-owned subsidiary of Triangle and the holder of a 60% interest in PL 231, has today lodged a Prospectus to raise $5.25 million and seek admission to the official list of the ASX.
The funds raised will provide State Gas with capital to appraise the shallow, conventional gas target of the Cattle Creek Formation and, should the appraisal program be successful, take steps to develop the resource.
Triangle Managing Director Mr Rob Towner said: “The spin-out of PL 231 has been carefully planned to ensure the asset is in the hands of a team focused exclusively on its development. Triangle shareholders will benefit from the success of State Gas through the meaningful equity stake that we continue to hold. The supply constraints in the east coast gas market presented an ideal time for Triangle to move on this opportunity.”
Triangle has secured a priority allocation of $1 million of the $5.25 million to be raised under the State Gas IPO for eligible Triangle shareholders. The priority offer will be open to all Triangle shareholders on the register as at 4 September 2017, who will receive a letter providing more detail on how to apply for shares under the priority offer. The Offer is currently expected to open on 12 September 2017. The priority offer closes at 5.00pm AEST on 28 September 2017. Commencement of trading on ASX is expected on or about 17 October 2017.
Read the full ASX announcement here.
Norwest Energy has released their latest Xanadu-1 Drilling and Company Update. They have a dedicated and experienced Board and Management Team alongside projects that are able to attract equity and quality joint venture partners. It highlights their Three Well Program for 2017/2018. Read the full update here.
Norwest Energy has begun drilling operations on the Xanadu-1 oil well as of today. It was originally forecast to take place 11 days later but site works and a smooth rig mobilisation accelerated the spud date.
The Xanadu-1 well will be drilled to a planned maximum total depth of approximately 1863 MDRT and is forecast to take approximately 23 days in total to complete. The well is being drilled from onshore to offshore using a deviated well profile, with the target located beneath shallow water, approximately 1.3km from the coastline.
The Xanadu-1 well is targeting the Xanadu prospect, with an unrisked recoverable resource of 160 million barrels of conventional oil (refer to NWE ASX Announcement 29/10/14). The Xanadu-1 well primary target is the Permian Dongara Sandstone, with secondary targets in the Irwin River Coal Measures and the High Cliff Sandstone. The structure is considered to be one of the largest untested oil prospects in the Basin, with this same play resulting in four oilfield discoveries in the vicinity, namely Cliff Head, Hovea, Eremia and Jingemia.
See the full press release here.