Triangle Energy Finds Oil, Gas Off Western Australia

Australian Triangle Energy has encountered oil and gas at Xanadu-1 well offshore Western Australia, it said September 18.

The drilling operations have progressed well since the well was spudded on September 4, 2017.

Triangle said the development has given the joint venture the confidence to immediately commit to further work to progress the well.

“It can be confirmed that Xanadu-1 has intersected hydrocarbon bearing reservoirs demonstrated by elevated gas readings, oil shows, fluorescence and cut-fluorescence whilst drilling reservoir sections,” the company said.

The joint venture partners in the project include Norwest Energy (operator - 25%), Triangle (30%), Whitebark Energy (15%) and 3C Group (30%).

Meanwhile, in a separate statement issued September 18, Triangle said it will be raising A$1.47mn via share placement to fund its exploration activities. 

Shardul Sharma