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
 -  What Kind of Salary Can You Get as an ... (Aug 18)
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Midland: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Midland, TX
 
Key Financial Consultant Job
Expertise: Accounting|Financial Analyst|Legal
Location: Minneapolis, MN
 
Asset Disposal Specialist
Expertise: Asset Management|Energy / Commodity Trading
Location: Crosby, TX
 
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours