Transerv Energy Ltd (TSV) has announced that it has formed a strategic alliance with Norwest Energy Ltd (NWE) to facilitate the farmout and drilling of the 160 million bbl Xanadu Prospect in TP-15.
The Xanadu Prospect is a highly prospective, well defined structural closure situated in Western Australian State Territorial waters. The prospect has the potential to hold 160 million bbl recoverable. TSV will work closely with NWE to finalise the farmout of the Xanadu well during 2016. Drilling activities are expected to take place during 2017.
The alliance also involves the other onshore permits in which NWE has an interest in the Perth Basin, including EP368 and EP426, which are to the east and adjacent to the Waitsia gas discovery, and EP413 which holds the Arrowsmith discovery.
TSV will keep the market informed as it progresses other opportunities to build a material position in the Perth Basin.
The Xanadu Prospect - TP/15
Exploration Permit TP/15 contains the Xanadu Prospect which lies within a conventional oil play located offshore northern Perth Basin in close proximity to the Cliff Head, Jingemia and Eremia oil fields and the Dongara gas field. The permit occupies the 3 nautical mile wide state territorial waters offshore Western Australia adjacent to the township of Port Denison and covers an area of 645.8km2. The prime prospect is Xanadu, with a P50 un-risked prospective recoverable resource of 160 million bbls of oil (refer Norwest Energy Ltd ASX announcement dated 29th October 2014).
Xanadu-1 presents a unique opportunity to drill a low cost offshore play from onshore. Since 2001 this play has resulted in four oilfield discoveries in the vicinity, namely Cliff Head, Jingemia, Hovea and Eremia.
Structurally, the Xanadu Prospect is a prominent horst block lying parallel to the coastline in very shallow water. Xanadu-1 will target Permian sands from a depth of approximately 800 m. Near-shore sands of the Dongara Sandstone represent the primary target, with secondary targets in the fluvio-deltaic Irwin River Coal Measures and the regressive marine sands of the High Cliff Sandstone.
Retrieval and mapping of additional 2D marine seismic data has provided a comprehensive regional interpretation of the structural setting and charge history for the Xanadu oil prospect. The structural mapping, which is based on good quality 2D seismic data, as well as high resolution gravity data resulting from a 2009 airborne 3D Full Tensor Gradiometry Survey, indicates the Xanadu Prospect is geologically similar to both the Cliff Head and Hovea structures.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/exploration/12072016/transerv-energy-and-norwest-energy-form-alliance-2762/