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TRIANGLE ENERGY (GLOBAL) LIMITED — Capital/Financing Update 2017
Oct 9, 2017
65907_rns_2017-10-09_a4556a1b-136d-4437-bb03-dcd60dfc6651.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT ASX: NWE
10 October 2017
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ABN: 65 078 301 505 Level 2, 6 Thelma Street West Perth WA 6005 PO Box 1264 West Perth WA 6872 Tel: +61 8 9227 3240 Fax: +61 8 9227 3211 www.norwestenergy.com.au
XANADU UPDATE
Norwest Energy NL (Norwest), the Operator of Permit TP/15 provides the following update on the Xanadu Project.
BACKGROUND
The Xanadu-1 well was spudded on 4[th] September 2017, and reached a total depth of 2035 mMDRT on Sunday 17[th] 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.
DISCOVERY CONFIRMED
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, 40 km south of the township of Dongara.
CURRENT ACTIVITIES
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.
NORWEST ENERGY NL | ABN: 65 078 301 505 Level 2, 6 Thelma Street West Perth Western Australia 6005 | PO Box 1264 West Perth Western Australia 6872 Tel: +61 8 9227 3240 | Fax: +61 8 9227 3211 | Email: [email protected] |
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Web: www.norwestenergy.com.au
WELL DETAILS
| Permit | TP/15 |
|---|---|
| Well Name | Xanadu-1 |
| Well Location | GDA 94: 29°33ˈ29.117”S114°58ˈ42.074”E |
| Type of Well | Deviated |
| NWE Working Interest | 25% |
| Geology | Interbedded sequence of shale and sand |
TP/15 JOINT VENTURE
| JV Participant | ASX Code |
Percentage Interest |
|---|---|---|
| Norwest(via subsidiary) (Operator) | ASX:NWE | 25% |
| Triangle(Global)EnergyLtd(via subsidiary) | ASX:TEG | 30% |
| Whitebark EnergyLtd(via subsidiary) | ASX:WBE | 15% |
| 3C GroupIC Limited(via subsidiaries) | 30% |
MAP SHOWING XANADU LOCATION
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NORWEST ENERGY NL | ABN: 65 078 301 505 Level 2, 6 Thelma Street West Perth Western Australia 6005 | PO Box 1264 West Perth Western Australia 6872 Tel: +61 8 9227 3240 | Fax: +61 8 9227 3211 | Email: [email protected] | Web: www.norwestenergy.com.au
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For further information, please contact:
Norwest Energy N.L. Level 2 / 6 Thelma Street West Perth WA 6005
T: +61 8 9227 3240
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W: www.norwestenergy.com.au
NORWEST ENERGY NL | ABN: 65 078 301 505 Level 2, 6 Thelma Street West Perth Western Australia 6005 | PO Box 1264 West Perth Western Australia 6872 Tel: +61 8 9227 3240 | Fax: +61 8 9227 3211 | Email: [email protected] |
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Web: www.norwestenergy.com.au