MinRes finds gas in Mid West

Shares in Norwest Energy rocketed today after venture partner Mineral Resources hit gas at Lockyer Deep in the Mid West.

ASX-listed Norwest’s share price had doubled to 1.6 cents each at the time of writing.

The company owns 20 per cent of Lockyer, with MinRes holding the remainder.

The well is nearby to the Waitsia and West Erregulla fields, where new gas projects are in the pipeline.

Today’s drilling results show a significant gas discovery at the Lockyer Deep-1 well.

High gas readings were hit over a 26 metre sand interval more than 4 kilometres below the surface, with further elevated readings below.

MinRes said it had also hit a potential oil deposit

“The success at Lockyer Deep-1 exploration well is a fantastic start to our significant gas exploration program, as we seek to provide natural gas to power our own operations in conjunction with renewable energy sources such as solar and wind,” MinRes managing director Chris Ellison said.

“Following positive wireline logging, a production test will be completed at Lockyer Deep-1 exploration well to fully evaluate gas flow rates, the results of which will inform our appraisal strategy to define the full extent of the gas field.”

“This gas discovery is an important step to securing our decarbonisation pathway and providing energy services to the Western Australian mining industry as it transitions to a lower carbon future.”