Triangle Energy said the Xanadu-1 well result and confirmation of discovery was a great outcome for the company and its shareholders.
“Confirming a new oil discovery at Xanadu is an outstanding achievement,” Triangle Energy managing director Rob Towner said in the company’s announcement to the Australian Securities Exchange.
“There hasn’t been an oil discovery in the offshore Perth Basin since Cliff Head over 15 years ago.
“It’s exciting for the industry and for Western Australia.
“Based on the current understanding of the structure there is an excellent chance of finding a significantly thicker column in an up-dip location which can be reached from the current drilling pad.”
TEG Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
