Xanadu – A New Oil Discovery in the Perth Basin

Triangle is a 30% 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 Xanadu-1 well was spudded on 4 September 2017 and reached a total depth of 2035 mMDRT on 17 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 while drilling (see ASX announcement dated 18 September 2017). These drilling results provided sufficient encouragement for the TP/15 Joint Venture (JV) to commit to running a wireline logging suite that included pressure testing and fluid sampling.

On 25 September, Triangle announced that an oil discovery at Xanadu-1 was confirmed. This was an outstanding achievement and the first oil discovery in the offshore Perth Basin since Cliff Head over 15 years ago.

The wireline logs over a 330m section confirmed reservoir quality sand intervals throughout the Irwin River Coal Measures (IRCM) with porosites ranging from 15-16%. Three discrete sand intervals (A, B, C) at the top of the IRCM had log-derived hydrocarbon saturations between 41-66% with 4.6m of net pay in sand “A”.

Fluorescence in rock cuttings were observed while drilling and log-derived hydrocarbon saturations persist for 120m in sands below these upper zones.

Further analysis of oil samples is underway. There are also plans for an up-dip side-track appraisal well from the casing shoe which could potentially be completed as a commercial producer.

Norwest Energy NL (ASX: NEW) as operator, and on behalf of the JV, has 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.

Xanadu is structurally similar to Triangle’s Cliff Head Oil Field and the potential oil will come from the same source, and will fit seamlessly into the Arrowsmith processing plant.
The Joint Venture contributions towards drilling costs and subsequent interests are as follows:
• Triangle to contribute 40% of the costs to earn a 30% interest
• 3C Group to contribute 40% of the costs to earn a 30% interest
• Whitebark Energy Ltd to contribute 20% of the costs to earn a 15% interest
• Norwest Energy Limited 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.

To view the latest information on the Xanadu-1 JV please refer to the Triangle website:

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