THE DRILL SERGEANT: Triangle Energy (ASX: TEG) backed up the announcement of its Joint Venture partner Norwest Energy regarding progress at Xanadu-1 drilling operations south of Dongara in Western Australia.
Triangle Energy reminded the market that Xanadu-1 was being drilled as a conventional oil exploration well, designed to test for the presence of hydrocarbons in the Xanadu prospect, located offshore in shallow waters near Dongara.
According to the JV partners, drilling operations have made excellent progress since the well was spudded on in September, with evaluation of the Xanadu prospect ongoing.
The drilling achieved total depth (TD) with the JV claiming confirmation that Xanadu-1 intersected hydrocarbon bearing reservoirs demonstrated by elevated gas readings, oil shows, fluorescence and cut-fluorescence whilst drilling reservoir sections.
The TP/15 JV has determined the drilling results provided sufficient encouragement to commit to running a wireline logging suite that includes pressure testing and fluid sampling.
In addition to the pending logging program, a seven-inch casing string is currently on its way to site from the North West, so that in the event that logging results are positive, the well will be cased and suspended in preparation for an extended well test once planning and approvals are complete.
“We are very encouraged by the excellent results of this drill to date,” Triangle Energy managing director Rob Towner said in the company’s announcement to the Australian Securities Exchange.
“The presence of hydrocarbons combining elevated gas readings, oil shows, fluorescence and cut fluorescence has given the Joint Venture the confidence to immediately commit to further work to progress the well.”