News

January 26, 2010

Norwest Energy Signals Its Commitment To North Perth Basin Exploration As It Buys Out Origin Energy

It may be keen to build an exploration business in southern England but Norwest Energy has no intention of turning its back on its home territory. The Australian explorer has just signaled its commitment to the North Perth Basin in Western Australia by agreeing to pay A$87,500 to buy Origin Energy’s stake in the EP413 permit.

The move increases Norwest’s equity in the exploration acreage, which surrounds the producing Jingemia oilfield, from 1.278 per cent to 50.467 per cent.  Norwest also intends to take on some of ROC Oil’s 0.25 per cent interest in the permit, which will lift its stake to 50.593 per cent.

These opportunities arose as Origin and ROC considered their options for the acreage, where activity had been suspended until the joint venture reached agreement on their next move.  The rest of the...