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.