Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Seismic acquisition operations at Norwest Energy’s Xanadu 3D Transition Zone have been completed
  • Results are expected in October 2019
  • These results will provide an optimal chance for a significant commercial assessment

Norwest Energy has announced its seismic operations at its Xanadu 3D Transition Zone have been completed.

Surveying of the western panel was completed on July 11 2019 with excellent fold coverage being achieved.

Contractor Synterra Technologies is currently demobilising the site and recovering data from the panels to send to processing contractor Earth Signal Processing.

Norwest anticipates providing further updates as early processed seismic volumes become available. Results from the data are expected to become available by October 2019.

The Xandu permit is located in the offshore northern Perth Basin approximately 280 kilometres north of Perth. The permit occupies the three nautical mile territorial waters surrounding WA and covers a total area of 645 square kilometres.

Xandu reached a total depth of 2035mMDRT when it confirmed that it had intersected hydrocarbon bearing intervals. This discovery was confirmed on September 25 2017.

In February 2018 the decision was made to proceed with a 3D seismic survey over Xandu. Since then Norwest has been progressing the application process with the Department of Mines, Industry Regulation and Safety.

Once the approval has been granted a Joint Venture, with Westranch Holdings and Triangle Xandu, will be able to announce a timeline for the purchase program.

The 40 square kilometre 3D Transitional Zone seismic program was designed to fully outline the Xandu oil discovery primarily focusing on the northern up-dip region and the southern down-dip region.

Once the 3D data has been processed it will be interpreted and integrated with Norwest’s existing subsurface model. The enhanced subsurface model will provide an optimal chance for a significant commercial assessment.

Norwest shares have remained unchanged since yesterday’s close trading at 0.3 cents with a market cap of $6.764 million.

NWE by the numbers
More From The Market Herald
The Market Herald Video

" Bannerman Resources (ASX:BMN) raises $12M for Etango-8

Bannerman Resources (ASX:BMN) has successfully tapped investors for an extra $12 million in funding for its…

" Bannerman Energy (ASX:BMN) completes $40.7m institutional placement

Bannerman Energy (ASX:BMN) has raised $40.7 million via institutional placement, with the funds to be used…

" Bannerman Energy (ASX:BMN) to take 41.8pc stake in Namibia Critical Metals for $8.9m

Uranium explorer Bannerman Energy (ASX:BMN) is set to take a major stake in Canada-based critical minerals…
Bass Oil (ASX:BAS) - Managing Director, Tino Guglielmo

" Bass Oil (ASX:BAS) announces November field production

Australian based Indonesian oil producer Bass Oil (ASX:BAS) announces November's field production at the Tangai-Sukananti licence…