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Norwest Finalises Joint Venture for Xanadu TP/15 Permit

Source: www.gulfoilandgas.com 2/10/2017, Location: Not categorized

Norwest Energy NL ('Norwest') is delighted to announce it has entered agreements to achieve the full farm-out of its 160MMbbl 'Xanadu' TP/15 prospect. Norwest has executed a binding term-sheet whereby 3C Group IC Limited, through two of its wholly-owned subsidiaries (‘3C Group’), a Group incorporated in Guernsey will contribute 40% of the well costs to earn a 30% interest in TP/15. In addition, 3C Group will also have the right to participate inother wells in all the northern Perth Basin permits Norwest holds interests in on equivalent terms as the TP/15 farm-out.

The finalisation of this farm-out is considered an outstanding achievement for Norwest in the current market, and represents a major milestone for Norwest shareholders. Securing this funding for drilling costs has been pivotal in ensuring plans to drill this long-awaited well are finally realised.

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

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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