Thanks guys!

Interestingly - as of right now it seems to be cured. Although somewhat embarrassing I wanted to share it here since I found lots of references to similar issues, but there were no solutions.

I liked the thought on the security system - but had no draw noted on fuse 38 and the red light was blinking normally.

The battery I replaced was failing due to age and from sitting while I addressed the dreaded shift flare issue.

It appears as though the new battery I installed was defective, at least intermittently. I was getting good voltage, and the amp draw I was seeing is "normal" until the system goes into sleep mode.

The deciding factor was that after I disconnected the negative overnight it sill drained. Fortunately I was able to borrow the battery from my V70 to confirm this, and my battery retailer gave me a new upgraded battery for no charge for the inconvenience. I am now two days into testing with no issues and felt comfortable enough to secure down all of the battery covers in the trunk.

And so it appears as though I fell victim to an irrational fear of electrical gremlins on these newer cars. Sometimes it really is just the battery :-)

All 3 fuses are related to the security module. The security module hides behind the fender liner on the passenger front fender.

Perhaps it is the siren module that died and the 'alarm' is not audible? Does the small red light on top of the dash blink every 7 seconds or so when the car is locked? Or does it blink rapidly?
--
My back feels better when I sit in a Volvo seat

Mike not quite sure what may be at play here however I'd check the following as a general start. After disconnecting the battery you may be smart to check the chassis grounds; even though they look clean it may be worth the time to disconnect and "scuff them up" with a wire brush, etc to ensure they are not playing up. If memory serves me on my 07 there is a chassis ground on the drivers side fender next to the engine bay fuse box. I'd check around as I am sure there are many more, be sure to give the same treatment to the one in the trunk for the fuse box and while at it and for peace of mind the battery area....I do believe there may be a large heavy gauge one for the starter connecting to a chassis rail lower in the engine bay.

Second to this there is the dreaded alarm siren. Mine doesn't work but from what I understand the siren has its own battery, and is also prone to corrosion, etc....and being a siren is also tied to the central locking system which I believe fuses 28/32 tie into...Check your manual for the alarm siren fuse and pull it, measure any chance in current draw.

Also check the glove box light, try pulling it and measure change.

Sorry I don't have a more settling or specific idea list, I'd honestly rule out the chassis grounding first, easy peace of mind.

Regards
Steve