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Norwest Energy Agrees Extension to TP/15 Xanadu Prospect Farmout

Source: 12/23/2016, Location: Not categorized

Norwest Energy would like to update its shareholders on the progress of the farmout of the drilling of Xanadu-1 located within TP/15, a block currently 100% owned by Norwest Energy (Norwest) via subsidiary Westranch Holdings Pty Ltd (Westranch).

As previously announced on 23rd September 2016, the Company executed termsheets with two parties - Transerv Energy Ltd (Transerv) and Triangle Energy (Global) Limited (Triangle).

- Transerv will contribute 20% of the costs to earn a 15% interest; and
- Triangle will contribute 40% of the costs to earn a 30% interest.

These parties have agreed to extend the Termsheet End Date of 31 December 2016 to 15 February 2017 to enable Norwest to complete the funding arrangements for the remaining 40%. Whilst these arrangements are well advanced, due to pending office closures over the festive season, it may be difficult to complete by 31 December 2016 and so an extension was deemed prudent.

Norwest CEO Shelley Robertson said “Finalisation of this joint venture and the subsequent drilling of the well will be a significant achievement for Norwest in the current environment, and will represent a major milestone for Norwest shareholders who I am sure look forward with great anticipation to the drilling of Xanadu.”

The timing of Xanadu-1 remains dependent upon regulatory approvals and rig availability, however Norwest is currently working closely with rig companies and other operators planning wells in 2017, to ensure the well can be drilled as efficiently and cost-effectively as possible.

The Application to Drill and associated documentation has now been lodged with the Department of Mines and Petroleum. This is the first step in the approvals process and signals our intent to drill in 2017. Unrisked recoverable oil volumes have been estimated deterministically. A 50% recovery factor has been assumed.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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