Company Information for Norwest Energy NL

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Company Statement

Norwest Energy NL is an Australian-based exploration and production company with assets in Australia and the United Kingdom.

In Western Australia, Norwest holds a royalty interest in two producing oilfields, Puffin in the offshore Vulcan Sub-Basin (AC/P22) and Jingemia in the Perth Basin (L14/EP413).  It also holds interests in a further three permits in the Perth Basin TP/15, EP368 and EP426 which each contain high potential prospects.

In the UK, Norwest has acquired three licences in the Wessex Basin of Southern England. PEDL 238 is located just to the north of BP’s giant Wytch Farm oil field, which has produced over 400 million barrels of oil, PEDL 239 is located within the Isle of Wight and PEDL 089 lies in the Hurst Castle area.    

Operations and Technology

Norwest is active in two major oil and gas provinces in Western Australia - the offshore Vulcan Sub-Basin and the Perth Basin.

In the Vulcan Sub-Basin, Norwest has a 1.25 per cent Gross Overriding Royalty Interest in AC/P22, which contains the Puffin oilfield.  The oilfield started production in October 2007 and generated over A$1 million in revenues for Norwest in 2008/2009.

In the offshore Perth Basin, Norwest has confirmed the very large Xanadu Prospect which is located entirely within Norwest’s 100 per cent owned TP/15 acreage. It is seeking farm-in partners ahead of drilling in Q4 2010. In the Onshore Perth Basin, Norwest holds a working interest in the L14 production licence and the surrounding exploration permit EP 413. The L14 block contains the producing Origin Energy operated Jingemia oilfield, which delivers a modest but steady flow of revenue to Norwest, while EP 413 offers exploration upside both conventional and unconventional. There is great excitement that this permit might contain shale gas which has caused such a stir in the US. It also has a 20 per cent interest in EP368/EP426, home to the North Erregulla oil prospect, which could hold up to 28 million barrels of recoverable oil.

UK
Sale of North Sea Assets

Norwest agreed to accept an offer from Silverstone Energy Limited for the sale of its North Sea assets for a consideration of A$2.4 million. The North Sea assets comprise a 25 per cent interest in the Cobra gas discovery and Norwest’s interest in several exploration licenses in the Inner Moray Firth. 

Onshore Southern England - Dorset & Isle of Wight
PEDL 238 is located just to the north of BP’s giant Wytch Farm oil field, which has produced over 400 million barrels of oil and has estimated total reserves of 500 million barrels. PEDL 239 is located within the Isle of Wight; an area which Norwest considers will positively lend itself to modern geophysical methods, and particularly to gravity radiometry techniques. In the Hurst Castle area, where Norwest has a 60 per cent interest in PEDL 089, the company has identified several potential leads and prospects. A more detailed technical review is underway to further define and de-risk each of these potential prospects.

Norwest believes that the South of England has significant untapped potential for new hydrocarbon discoveries considering that to date few other material discoveries have been made in the area since Wytch Farm was discovered by the Gas Council in 1973. The South of England has historically been largely overlooked and undervalued by industry compared with higher profile North Sea opportunities.

Board of Directors and Key Management

Michael J Fry	Non-Executive Director
Peter Lawson Munachen	Chief Executive Officer and Director
Henry David Kennedy	Non-Executive Director

Company Address Ground Floor, 288 Stirling Street Perth, Australia WA 6000 Telephone: +61 8 9227 3240 Facsimile: +61 8 9227 3211 Email: info[at]norwestenergy.com.au Website: http://www.norwestenergy.com.au

Shareholder Capital Ordinary shares; 587,278,582

Related News

03/05/10 - Norwest Energy Excited By Shale Gas Potential In the North Perth Basin
26/01/10 - Norwest Energy Signals Its Commitment To North Perth Basin Exploration As It Buys Out Origin Energy
04/11/09 - With Puffin Grounded, Norwest Energy Turns Its Attention To Western Australia And Southern England

Most Recent Statement

10/06/10 - Update on North Erregulla
16/04/10 - Quarterly Cashflow Report
16/04/10 - Quarterly Activities Report
16/04/10 - Quarterly Cashflow Report
09/04/10 - Norwest identifies 7 promising onshore UK leads
29/03/10 - Response to ASX Query