Mr Rob Towner, Triangle Energy’s managing director, said the Xanadu-1 well result and confirmation of discovery was a great outcome for the Company and its shareholders.
“Confirming a new oil discovery at Xanadu is an outstanding achievement. There hasn’t been an oil discovery in the offshore Perth Basin since Cliff Head over 15 years ago. It’s exciting for the industry and for Western Australia.
“Based on the current understanding of the structure there is an excellent chance of finding a significantly thicker column in an up-dip location which can be reached from the current drilling pad.
“Xanadu is located 14 km south east of Triangle’s Cliff Head Oil Field and the onshore Arrowsmith Stabilisation Plant (ASP). Arrowsmith has the capacity to service third party crude and therefore can expedite any production from Xanadu to market."
Mr Darren Bromley, Triangle Energy’s executive director and CFO, said access to the Arrowsmith infrastructure will significantly reduce the capital expenditure required by the JV and is currently underutilised.
“Current production from Cliff Head utilises only 1200 bpd with a plant capacity of 15 000 bpd.
“Triangle looks forward to working with the TP/15 Joint Venture to fast-track this exciting opportunity as rapidly as possible,” Mr Bromley said.
