Norwest Energy has provided an update on the Xanadu-1 well indicating there is significant potential at Xanadu, and Norwest as Operator will continue to manage the evaluation program in a thorough and diligent manner. As shareholders in Norwest Energy, this is exciting news!
CONFIRMED OIL DISCOVERY
The Xanadu-1 exploration well is a confirmed oil discovery. The first phase analysis of the oil recovered from Xanadu-1 samples has now been completed with the initial analyses showing a yield of 34.7o API crude oil with no H2s and extremely low levels of CO2 (0.02%). The Xanadu crude is similar to that produced at Cliff Head Oil Field and, upon development, is expected to receive similar pricing in the market. The minimal levels of CO2 and no H2S characteristics of the crude oil enable the use of lower-cost, schedule efficient development options.
FORWARD WORK PLAN
Following the results of the first phase analysis of Xanadu-1 data, Norwest Energy commenced integrating all available data to estimate the range of total crude-oil in the Xanadu structure. Key initial findings indicate that in addition to the potential of the up-dip structure previously announced, there is now evidence that “down” structure volumes are also present within the currently mapped Xanadu prospect. All available reservoir, pressure and fluid data is being utilized to update the pre-drill structure and better estimate the in-place volumes of oil.
Read the full ASX Announcement here.
When you were young, who did you look up to? Did you have a favourite sports coach, a thoughtful teacher, a kind family friend? Did you idolise your parents or someone else in your family? It can be easy to forget that not every child can find someone to look up to in their life. It may be due to circumstance or lack of exposure to others but the sad truth is that not having someone to rely on can stifle social skills and confidence, not to mention create feelings of isolation. This is the problem that Big Brothers Big Sisters (BBBS) of Taranaki sets out to address.
About ten years ago, Snr Constable Paul Lampe was dealing with youth offenders regularly. Looking for better ways to support these youth, he was tasked with finding a way to prevent the youth from becoming offenders in the first place. Taking his lead from BBBS organisations around the world, and using studies that have been published in the USA and Canada, Paul endeavoured to set up a Big Brothers Big Sisters branch in Taranaki.
He was able to secure funding from Tamarind (then AWE Limited) to kickstart the programme. Thanks to the continued support, they have gone from matching 7 children with mentors in 2007 to having about 120 matches currently. The cause is familiar for Jason Peacock, Tamarind's NZ Country Manager as his mum was a mentor for BBBS for many years. Tamarind's Contracts & Procurement Analyst, Monique Sigvertsen is a member of the BBBS board and sees the difference the organisation is making to the community, "Hearing the stories and being involved with the board has been a great way to really see the positive impact BBBS has on our city and we're so glad we can support the programme," she says.
Mentors volunteer to spend one hour a week with their little brother or sister. They spend time sharing meals, doing activities they are interested in and sometimes attending local events. Thanks to the support of the Taranaki Rugby Football Union, BBBS matches can attend Taranaki Bulls games for free. There's also lots of support from the New Plymouth District Council in offering free swimming sessions too. The intention behind it all is to give the child a reliable and stable person who can offer new perspectives and to have some fun with them.
The research shows that the earlier a child is matched, the better chance the relationship has to positively affect the child's development.
The BBBS Case Managers (there are 4 in the Taranaki branch) keep feedback flowing between the child, their parent and the mentor. The matches are made very carefully, ensuring that there are shared interests between the pair. That way a mentor can pursue their hobbies, such as hiking, alongside their little brother or sister. The longest-running match has been going for 9 years and many do stay in touch well beyond their participation in BBBS.
Seeing the Impact
The impact on the children involved is substantial. Boys who are mentored are 2 times less likely to develop negative behaviours like bullying, fighting, lying, cheating or losing their temper. Girls who are mentored are 4 times less likely to develop these behaviours. There have been cases where one sibling in a family is mentored and the other is not. In one particular case, the sibling who is being mentored expresses positive communication skills where the other sibling uses violence as a means of communicating. Because it's not a short-term relationship, the child being mentored has a chance to learn different ways to view problems and approach difficulties, and it opens their eyes to other possibilities for their own future.
An evaluation of the programme is done every few years and checks in with parents and mentors, asking them to comment on the child's progress across 21 different areas. In the most recent evaluation, 88% of young people showed improvement in self confidence and 82% showed improvement in their ability to express their feelings.
Paul Lampe sees a big impact for volunteers too. "They often underestimate the value of what they are doing as it's giving the child an alternate view and new potential," he says. There are a few ways a person can volunteer - on their own, or as a couple to mentor a child. There is also a school-based mentoring programme aimed at corporate entities where their staff member meets the child at their school each week. The feedback from teachers indicates that the children who are being mentored act out less in class and are more focused and attentive.
The biggest challenge the organisation faces is keeping the funds coming in so that they can continue to deliver the service. They don't receive government funding so it all comes from corporate sponsorship or community funding. They also tend to need more male volunteers to keep up with the children who are referred.
They hold an annual golf tournament to raise funds solely to put towards gear and fees for extracurricular activities for the young people in the programme. This helps children access sports, activities and clubs they would normally not have the funds for.
If you can't volunteer but still want to support what BBBS Taranaki is doing, consider setting up payroll giving through your employer. You can also donate through their Give a Little page or connect on Facebook.
For Paul, part of the joy in being involved comes from the fact that most of the people he's working with are volunteering their time, so they really want to be there. The organisation demonstrates the proverb that it takes a village to raise a child. After making more than 336 matches over the last ten years, BBBS Taranaki has had an immeasurably positive impact on the "village" of Taranaki and we're proud to support them.
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, will be admitted to the Australian Securities Exchange (ASX) on 10 October 2017 at 11.00 am AEST. State Gas will, on admission to the ASX (ASX code: GAS), have a market capitalisation of $27 million (at the $0.20 issue price).
Triangle will hold the largest stake in State Gas with an interest of 35.47%, equivalent to $9.577 million in value at the completion of the $0.20 IPO. Mr Rob Towner (Managing Director of Triangle) will represent Triangle’s interests on the board of State Gas as a non executive director.
As previously announced, Triangle secured a priority allocation of $1 million of the $5.25 million raised under
the State Gas IPO for Triangle shareholders who were on the register as at 4 September 2017.
Read the full ASX Announcement here.
The Xanadu-1 well was spudded on 4th September 2017, and reached a total depth of 2035 mMDRT on Sunday 17th September, when it was confirmed that the Xanadu-1 well had intersected hydrocarbon bearing intervals as demonstrated by elevated gas readings, oil shows, fluorescence and cut-fluorescence whilst drilling.
The Xanadu-1 discovery has confirmed the entrapment of oil in sands of the upper Irwin River Coal Measures in the Xanadu structure, which lies immediately adjacent to the coastline in state waters, 40km south of the township of Dongara.
The oil samples obtained during the Xanadu-1 logging and sampling program were sent off immediately after extraction, with oil assay results initially expected last week. However Norwest has since been advised by the laboratory that due to a backlog of existing work, Xanadu-1 analysis has been delayed. Norwest will continue to keep the market informed as information is received.
Norwest Energy has now lodged a Discovery Notice with the Minister for Mines, Industry, Regulation and
Safety. This is a requirement under the Guidelines to Petroleum and Geothermal Energy Resources and
Petroleum (Submerged Lands) Regulations 2015.
Click here for the full ASX Announcement.
The news about the oil discovery at Xanadu-1 is exciting for those involved and even more exciting for the wider region and the industry.
Confirming a new oil discovery at Xanadu is an outstanding achievement. There hasn’t been an oil discovery in the offshore Perth Basin since Cliff Head over 15 years ago. It’s exciting for the industry and for Western Australia. Based on the current understanding of the structure there is an excellent chance of finding a significantly thicker column in an up-dip location which can be reached from the current drilling pad. Xanadu is located 14kms south east of Triangle’s Cliff Head Oil Field and the onshore Arrowsmith Stabilisation Plant (ASP). Arrowsmith has the capacity to service third party crude and therefore can expedite any production from Xanadu to market.”
Mr Darren Bromley, Triangle Energy’s executive director and CFO, said access to the Arrowsmith infrastructure will significantly reduce the capital expenditure required by the JV and is currently underutilised.
“Current production from Cliff Head utilises only 1,200 barrels of oil per day with a plant capacity of 15,000 barrels per day," he noted.
For more details about the discovery, read the latest update from Triangle Energy.