Xanadu – A New Oil Discovery in the Perth Basin

Triangle is a 45% joint venture partner in the newly discovered Xanadu oil field located in the Perth Basin, about 270km north of Perth and off the coast of Dongara.

The TP/15 exploration permit contains the Xanadu oil discovery. The Xanadu-1 exploration well was drilled in September 2017 intersecting hydrocarbon-bearing reservoirs with the subsequent recovery of oil to the surface confirming the Xanadu oil discovery.

Oil sample analysis has confirmed that the Cliff Head Oil Field (located 14km to the NW) is an analogue with a shared oil generation source to the west of Xanadu. New mapping conducted post-drilling suggests the Xanadu structural culmination is north of Xanadu-1 location.

Planning for a 40km2 3D seismic survey is currently underway and is to commence from March 2019 subject to regulatory approval.

The extensive40km2 area is designed to fully map the northern up-dip region, and the southern down-dip region extending out to the western flank of the Xanadu structure. Once the survey data has been processed, interpreted and integrated with Norwest’s existing dataset, the TP/15 Joint Venture will consider an appraisal well on the Xanadu structure. The seismic data will enable the well surface location and trajectory to be optimally designed to provide the best chance for a significant commercial appraisal.

In the opinion of the Company the most likely development of the Xanadu oil field would utilise the Cliff Head production infrastructure, subject to joint venture approval.

The TP/15 Joint Venture remains fully committed to the development of the Xanadu Discovery. A five-year permit renewal application has now been submitted to the DMIRS with the Xanadu 3D seismic survey fulfilling the Year One commitment of the five year work program.

The Joint Venture interests are as follows:
• Triangle has a 45% interest
• 3C Group has a 30% interest
• Norwest Energy NL is free-carried for a 25% interest

Triangle looks forward to working with the JV to fast-track this exciting opportunity as rapidly as possible.