TP/15 Near Shore Exploration

TP/15 Exploration Permit

JV Participants
Norwest Energy NL 25% (Operator)
Triangle Xanadu Pty Ltd 45%
3C Group Limited 30%

Exploration permit TP/15 is located in the offshore northern Perth Basin approximately 280km north of Perth. The permit occupies the 3 nautical mile wide state territorial waters of Western Australia, adjacent to Port Denison, and covering an area of 352kmĀ². In 2017 Norwest Energy drilled the Xanadu oil discovery well targeting a large structure on the Beagle Ridge. The discovery has subsequently been proven to be sub-commercial, after completion of a 3D seismic survey in 2019. However the presence of oil at Xanadu is a positive outcome as it increased the probability of oil migration in to additional prospects located to the west, more proximal to the oil source kitchen.

Significant exploration potential exists in TP/15 at the Texel oil prospect, the crest of which is mapped as being located approx. 10km to the southwest of Xanadu. Texel is a Permian oil play, targeting the Kingia and High Cliff Sandstones which host the prolific gas discoveries onshore, on the other side of the Beagle Ridge. Additional oil potential exists in the Dongara Sandstone and Irwin River Coal Measures, the latter being the primary reservoir of the Cliff Head oil field. Two smaller prospects are also present between Xanadu and Texel, at Xanadu West (North & South).

Additional seismic coverage is required to progress Texel to drillable status, and the TP/15 Joint Venture has recently received approval from DMIRS to modify the forward work commitments so that the appraisal well commitment of permit year 3 (commencing 7 December 2020) is replaced by geological studies and seismic feasibility studies. 100 kms of 2D seismic surveying is required in permit year 4 and an exploration well in permit year 5 (both permit years being discretionary). The modified work program enables the TP/15 Joint Venture to progress exploration of a large oil target over the next two years at a relatively minor cost before a commitment to drill is required.