Xanadu-1 Discovery Update

“In addition, the Xanadu-1 oil analysis indicates that it is very similar to that at Cliff Head and therefore will be able to be processed at Triangle’s onshore Arrowsmith stabilisation plant, expediting any production to market. The similarities between the Xanadu and Cliff Head crude analysis also suggest that the oil in both fields has probably migrated from the same source. If true, this increases the likelihood that other structures within the area of Cliff Head and Xanadu may also be trapped with oil.” “Key initial findings indicate that in addition to the potential of the up-dip structure previously announced, there is now evidence that oil volumes are also present further downdip from Xanadu-1. “This is encouraging as it means there is potentially significantly more oil than observed and the joint venture will plan to drill a well which is deeper to see how far oil extends down into the structure. “Our aim is to prove up additional oil reserves and we are currently planning a work program to commence in the first half of 2018. “Triangle is pleased with these initial results and looks forward to progressing Xanadu-1 as efficiently and quickly as possible,” Mr Towner said.

The Xanadu-1 exploration well is a confirmed oil discovery. The first phase analysis of the oil recovered from Xanadu-1 samples has now been completed with the initial analyses showing a yield of 34.7o API crude oil with no H2S and extremely low levels of CO2 (0.02%). The Xanadu crude is similar to that produced at Cliff Head Oil Field and, upon development, is expected to receive similar pricing in the market. The minimal levels of CO2 and no H2S characteristics of the crude oil enable the use of lower-cost, schedule efficient development options. Source / More: Triangle Energy oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>