Norwest Energy Ltd, through wholly owned subsidiary Westranch Holding Pty Ltd, is looking to further farm-out interest in exploration permit TP/15, located in the Perth Basin.Â  It is reported that Norwest is looking for a partner to assist in funding appraisal work within the permit.  Norwest has previously farmed out interest in the permit, with 3C Group IC Ltd, Triangle Energy Ltd, and Transerv Energy acquiring interest TP/15 in August 2017.Â  The companies funded the Xanadu 1 exploration well under the terms of the farm-ins, with the well drilled in September 2017. Norwest retained 25% interest and operatorship in the permit.Â  Further expenditure in the permit is being covered by the participants accordingly with their interest held, with Norwest now looking to additionally farm-down  Alongside the farm-in agreement for TP/15, the companies formed a strategic relationship, with 3C providing technical, legal, risk and financial assistance to Norwest on the TP/15 permit and other Perth Basin assets.Â  Norwest and Transerv had already entered a âstrategic allianceâ for several of Norwestâs Perth Basin assets, including TP/15.Â Â  Share placements were made as part of the alliance. Â   Xanadu 1 was spudded on 4 September 2017, drilled to a total depth of 2,035 m suspended as an oil discovery, with additional analysis planned, in late September 2017. Testing and logging was run, with initial analysis indicating 34.7Âº API oil within the discovery, with no H2S encountered and very low levels (around 0.02%) of CO2, similar to that being produced from the nearby Cliff Head field.Â  Norwest reported that a 3D survey over the discovery was being planned, with also the potential for drilling a sidetrack appraisal well from the discovery well main hole. The sidetrack would appraise up-dip potential and possibly penetrate deeper, higher quality sands above the inferred oil-water contact.Â  If development is feasible, it is expected to be low cost and schedule efficient due to the quality of the oil from initial analysis.  Post-drilling, on 25 September 2017, Norwest reported that Xanadu 1 had recovered oil from the Irwin River Coal Measures at a depth of around 871.8 m. A total net pay of 4.6 m across reservoir unit âAâ was encountered with oil retrieved to the surface using a Schlumberger Saturn Probe wireline tool. Two additional sands (âBâ and âCâ) were also encountered, which show oil saturations ranging from 41 to 46%. Oil saturation in the âAâ sand is 66% with porosity at 15%. The wellâs primarily target of the Permian Dongara Sandstone was not encountered at this location.  TP/15, which covers an area of 485 sq km, was awarded on 22 November 1996. Participants in the permit are: Westranch Holdings Pty Ltd, a wholly owned subsidiary of Norwest Energy, (25% + Operator), Triangle Xanadu Pty Ltd (30%), 3C Energy, through subsidiaries 3C Capital Pty Ltd (15%) and 3C Energy IC Ltd (15%), and Kubla Oil Pty Ltd, a Whitebark subsidiary company, (15%).Â  Further farm-in opportunity, aimed at the appraisal phase of Xanadu, is available.  Companies interested in pursuing this opportunity should contact:  Moyes and Co: Ian Cross, Managing Director  Email: icross@moyesco.com    Tel: +65 9776 0753
Australia (Beagle Ridge (Perth B.)) Cliff Head