Norwest Achieves Farm-Out of 160MM Barrel Xanadu Prospect

Norwest Energy NL has entered agreements to achieve the full farm-out of its 160 million barrel Xanadu TP/15 prospect, located in the offshore northern Perth Basin of Western Australia.

The company has executed a binding term-sheet whereby 3C Group IC Limited, through two of its wholly-owned subsidiaries, will contribute 40 percent of the well costs to earn a 30 percent interest in TP/15.

In addition, 3C Group will also have the right to participate in other wells in all the northern Perth Basin permits Norwest holds interests in, on equivalent terms to the TP/15 farm-out.

“The finalization of this farm-out is considered an outstanding achievement for Norwest in the current market, and represents a major milestone for Norwest shareholders. Securing this funding for drilling costs has been pivotal in ensuring plans to drill this long-awaited well are finally realized,” Norwest said in a company statement.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  TRACE Secures INPEX Deal, Creates Jobs (Jun 23)
 -  What Are the Qualifications to Become ... (Jun 23)
 -  SolstadFarstad Emerges After Company M... (Jun 22)
 -  Gas Leak at Gjoa (Jun 22)
 -  Total Energy Services Completes Savann... (Jun 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Director - International Security
Expertise: Executive|Security
Location: The Woodlands, TX
 
Project Manager (Subs)
Expertise: Project Management
Location: Bremerton, WA
 
Senior Accountant
Expertise: Accounting|Asset Management
Location: Tulsa, OK
 
search for more jobs

Brent Crude Oil : $45.22/BBL 0.89%
Light Crude Oil : $42.74/BBL 0.49%
Natural Gas : $2.89/MMBtu 0.00%
Updated in last 24 hours