Xanadu-1 Well Drilling Update

Source Press Release
Company Norwest Energy NL3C Group IC LimitedWhitebark Energy LtdTriangle Energy (Global) Limited 
Tags Exploration, Upstream Activities
Date September 12, 2017

Norwest Energy NL ('Norwest'), the Operator of Permit TP/15, advises that as at 06:00 hours (6.00 AM) today the current operations on the Xanadu-1 conventional oil exploration well include preparing to pick up the 216 mm drilling assembly prior to drilling ahead. Since the Xanadu-1 well spudded on 4th September 2017 at 15.00 hours (3:00pm) AWST, the 311 mm hole section has been successfully drilled from the surface conductor at 66 mMDRT to the current well depth of 975 mMDRT. Following running the 244 mm casing to 971 mMDRT and cementing in place to surface, the blow out preventers were installed and successfully pressure tested.

Drilling operations have proceeded as planned and the sub-surface geology has been in line with pre-drill expectations. The programmed well total depth is approximately 1863 mMDRT.

It is anticipated that the primary and secondary targets will be intersected later this week.

The Xanadu-1 well is targeting the Xanadu prospect, with an unrisked recoverable resource of 160 million barrels of conventional oil (refer to NWE ASX Announcement 29/10/14). The Xanadu-1 well primary target is the Permian Dongara Sandstone, with secondary targets in the Irwin River Coal Measures and the High Cliff Sandstone. The structure is considered to be one of the biggest untested oil targets in the Basin, with this same play resulting in four oilfield discoveries in the vicinity, namely Cliff Head, Hovea, Eremia and Jingemia.

Norwest will continue to provide regular updates to the market throughout the campaign.

TP/15 is located in the offshore northern Perth Basin, approximately 250km north of Perth. The permit occupies the 3 nautical mile wide state territorial waters of Western Australia, adjacent to the township of Port Denison, and covers an area of 645km2.

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