Beach Energy has plugged and abandoned its Trigg 1 gas exploration well, making it the second target in the Perth Basin to record disappointing results in the past three months.
Chris Ellison-led Mineral Resources has moved to a compulsory acquisition of its Perth Basin partner Norwest Energy after securing a more than 90 per cent stake in the company.
Mineral Resources' Shelley Robertson will leave the company's budding energy division ahead of a merger with Norwest Energy, coinciding with some disappointing results out of the Perth Basin.
Our board moves wrap includes Michael Pixley, Campbell Smyth, Andrew Haythorpe, Edmond Edwards, Peter Newcomb, Robbie Featherby, Mark Wilson, Yenna Ong, Iain Smith, Bruce Clement, and Leroy Liu.
Minerals Resources has told Norwest Energy investors they won't receive an improved offer for their shares and dangled a veiled threat to delist the company in a bid to gain further control of its Perth Basin partner.
Rationalisation of WA's domestic gas sector has taken another step with Mineral Resources securing control of its joint venture partner Norwest Energy.
Norwest Energy directors have unanimously recommended shareholders accept Mineral Resources' improved $497 million takeover offer after previously pushing to reject a lower bid.
Mineral Resources' leader Chris Ellison has called on Norwest Energy shareholders to accept his “generous” $431 million takeover offer after the target's board recommended rejecting the bid.
Chris Ellison's Mineral Resources has said its 19.2 per cent stake in Warrego Energy is “strategic”, and claimed gas assets in the Perth Basin are now overpriced.
The Norwest Energy board has recommended its shareholders reject Mineral Resources' takeover offer, claiming the $403 million bid was “opportunistically timed”.
Gina Rinehart's Hancock Prospecting has lifted its stake in Perth Basin gas play Warrego Energy to 25.9 per cent as a stand-off looms with rival bidder Strike Energy.
The board of ASX-listed oil and gas company Norwest Energy will wait until the new year to cast its verdict on Chris Ellison's offer for the business amid fierce competition for Perth Basin assets.
Mineral Resources hopes to bolster its position in Western Australia's energy sector by acquiring Norwest Energy, of which keen Perth Basin investor Gina Rinehart is also a shareholder.
As the big offshore gas projects planned for WA's north face more delays and uncertainty, the prospects for developing onshore gas fields in the Perth Basin get better.
ASX-listed Norwest Energy, along with JV partner and Operator, Mineral Resources, has lodged the environmental plan to drill its highly anticipated Lockyer Deep gas exploration well located near Dongara, north of Perth. Norwest and Min Res are targeting a prospective resource of up to 1.2 trillion cubic feet of gas at the prospect that lies only 15kms north of Strike Energy's huge West Erregulla gas find.
Norwest Energy, along with JV partner and Operator, Mineral Resources, is collaborating with other Perth Basin operators to secure a drilling rig for a multi-well program commencing in the third quarter of this year. Norwest and Mineral Resources are looking to join the consortium to secure a rig on beneficial terms to drill their highly anticipated Lockyer Deep-1 exploration well.
Norwest Energy has A$3M cash in the bank to help it lock in a rig for the highly anticipated Lockyer Deep-1 exploration well that is only 15kms north of Strike Resources' huge West Erregulla gas discovery. Norwest said it was working with the operator, Mineral Resources to secure a rig contract after locking in site access with the local landowner east of Dongara in WA.
Norwest Energy has stripped down and is fit to fight without the burden of debt as it looks to drill out its Lockyer Deep-1 exploration well that is only 15kms north of Strike Resources' huge West Erregulla gas discovery. Norwest said it has discharged a $1m convertible note facility by repaying $750,000 and issuing 100m shares to noteholder Sundowner International after receiving shareholder approval.
Norwest Energy has topped up its cash box in readiness for the drilling of its Lockyer Deep prospect in the Northern Perth Basin. The final payment of A$630,000 was received this week for the sale of its interest in production licence L14 in the North Perth Basin. Norwest is getting set to drill Locker Deep in partnership with uber-successful resources house, Mineral Resources who is not known for backing duds.
Mining heavyweight, Mineral Resources, is now lurking purposefully at 19.9% on the Norwest Energy share register after the JV partners upped their theoretical chances of hitting paydirt at the Perth Basin, Lockyer Deep-1 onshore gas prospect in the Perth Basin from 29% to 38%. Mineral Resources, which already has an 80% interest in Lockyer Deep-1, will need to launch a takeover bid to secure any more significant lines of Norwest stock.
Having convinced itself the nearby, giant onshore Waitsia gas field in WA's Perth Basin is not just an anomaly, Norwest Energy has approved the drilling of its Lockyer Deep gas joint venture, some 15 kilometres to the north east of Waitsia. Norwest is confident that the combined recoverable resources of its Lockyer Deep-1 and North Erregulla targets, which sit in the same project area, could have a recoverable resource of almost 1.1 trillion cubic feet of gas.
Norwest Energy has upgraded the prospective gas resources at its Lockyer Deep and North Erregulla Deep prospects to 1,122 billion cubic feet, just 10km north of Strike Energy's exceptional West Erregulla-2 gas discovery in the Perth Basin. The company holds a 20% stake in the associated gas permit with operator Energy Resources and the JV partners will shortly decide on the location of a well at the project.
Norwest Energy will dispose of its minority holding in the Jingemia oil production licence to concentrate on its other core assets in the Perth Basin, including the Lockyer Deep and North Erregulla gas prospects that are adjacent to Strike Energy's exciting new Erregulla-2 gas find. The company is also awaiting 3D seismic data over its Xanadu oil discovery near Dongara, about 50km to the southwest.
The recent success of Strike Energy's West Erregulla-2 well has buoyed Norwest Energy's hopes that its upcoming drill program, just north of Strike's spectacular gas discovery will be able to make waves in its own right. The company is also awaiting 3D seismic data over its Xanadu oil discovery, which will form the basis for contingent resource estimation and set the stage for the Xanadu joint venture to consider an appraisal well.
Flow tests from the deepest well ever drilled in Australia are expected within days, but it has already refocused attention on the oil and gas industry in the Perth basin.
Our daily board moves wrap includes Stephen Roberts, Hugh Hangchi, Matthew Rumpus, Shelley Robertson, Jo-Ann Long, Bennett Greenhalgh, Iain Smith, Xavier Kris, and Ian Widdicombe.
A sluggish approvals process for seismic work at the Xanadu prospect in the Perth Basin has led Whitebark Energy to sell its stake in the project in a $5 million deal, with the money to head to Canada instead.
West Perth-based oil hopeful Norwest Energy has said a delay in regulatory approvals has pushed back the targeted start of a seismic survey at its Xanadu prospect in the Perth Basin until at least March 2019.
Overland Resources Limited is pleased to advise that it has executed a Sale and Purchase Agreement with Peter Gianni to acquire a 100% interest in Exploration Licence Application 53/1971 for a tota
Sarah Mitchell has been appointed general manager, technical services of Ardea Resources. Ms Mitchell has 20 years of experience in mining and engineering projects.
Shares in three local energy companies have surged today after hitting hydrocarbons while drilling the Xanadu-1 offshore prospect in the Perth Basin, with Triangle Energy leading the charge, up nearly 60 per cent.
