Perth firms form alliance for Xanadu prospect off Western Australia

Norwest Energy NL and Transerv Energy Ltd., both of Perth, have formed an alliance to facilitate the farmout and drilling of the Xanadu prospect in shallow territorial waters just offshore Western Australia.

Xanadu lies in permit TP/15 about 20 km south of Cliff Head oil field, which is producing in the offshore North Perth basin.

The new alliance also takes in Norwest’s onshore permits in the basin, including EP 368 and EP 426, which lie east and adjacent to the Waitsia gas discovery, and EP 413, which contains the Arrowsmith discovery.

As part of the alliance, Transerv will acquire, via a share placement, 100 million shares for $200,000 (Aus.) in Norwest. Transerv also will have the right to participate in farmout wells in all of Norwest’s Perth basin permits.

The placement to Transerv will take place alongside further placements of a total of 300 million shares to professional investors. The combined placements will raise $800,000 (Aus.).

The planned Xanadu-1 well will target the prominent Horst block feature, which lies parallel to the Western Australia coast. The primary target is the Dongara Sandstone at a depth of about 800 m subsurface. Secondary targets are the Irwin River coal measures and the High Cliff Sandstone.

Other programs included in the alliance include plans to drill Lockyer Deep-1 in EP 368 and Arrowsmith-3 in EP 413.

Separately, Norwest also has announced the appointment of Shelley Robertson as the company’s chief executive officer. Robertson, a petroleum engineer, has been the company’s asset manager since joining Norwest in January 2011. She has more than 25 years’ experience in the oil and gas industry with both large and small exploration and production companies.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...