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.
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