Norwest keen to produce results
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Tuesday, 17 July, 2001 - 22:00
NORWEST Energy’s recent Perth Basin farm-in represents a couple of firsts for the company.
Norwest has always been interested in northern Australian and South-East Asia but, after disappointing results since late last year with Coleraine 1 in the Zone of Co-operation, Puffin 6 in the Ashmore-Cartier area and Lindsay 1 near Onslow, the junior explorer is keen to produce results for shareholders.
In addition, Norwest chief executive officer Ivan Burgess says the climate hasn’t been right to go into South-East Asia, spurring the company to look for additional acreage, as well as keeping an active program in the Ashmore-Cartier region.
The Perth Basin opportunity arose when Phoenix Energy relinquished its regional equity within permits held by Sydney-based Australian Worldwide Exploration.
With funds on hand, Norwest almost immediately bought into two wells planned in the area for late this year, gaining its first interests outside of northern Australia in permits it considers low-risk.
“We are drilling wells that have a real chance of finding hydrocarbons and that are looking economic,” Mr Burgess said.
“And we believe that the joint venture is a good one, with real exploration going to eventuate.”
One of these wells, Arradale 1, is an onshore operation, another first for Norwest.
Mr Burgess admits this one was a much harder decision to make than the higher profile Cliff Head 1, off the coast, adjacent to the Dongara oil and gas field, and with similar structural features.
The prospect is estimated to contain up to 120 million barrels of oil and 300 billion cubic feet of gas.
“Cliff Head is large and has the potential to be a company maker,” Mr Burgess said.
Whatever the outcome, two things are certain – Norwest is chasing immediate benefit for shareholders, and they’re unlikely to give up.
Norwest has 8 per cent equity in the WA 286 permit, in which Cliff Head 1 will be drilled and a five per cent interest in EP 386, where Arradale 1 is planned.
Norwest has always been interested in northern Australian and South-East Asia but, after disappointing results since late last year with Coleraine 1 in the Zone of Co-operation, Puffin 6 in the Ashmore-Cartier area and Lindsay 1 near Onslow, the junior explorer is keen to produce results for shareholders.
In addition, Norwest chief executive officer Ivan Burgess says the climate hasn’t been right to go into South-East Asia, spurring the company to look for additional acreage, as well as keeping an active program in the Ashmore-Cartier region.
The Perth Basin opportunity arose when Phoenix Energy relinquished its regional equity within permits held by Sydney-based Australian Worldwide Exploration.
With funds on hand, Norwest almost immediately bought into two wells planned in the area for late this year, gaining its first interests outside of northern Australia in permits it considers low-risk.
“We are drilling wells that have a real chance of finding hydrocarbons and that are looking economic,” Mr Burgess said.
“And we believe that the joint venture is a good one, with real exploration going to eventuate.”
One of these wells, Arradale 1, is an onshore operation, another first for Norwest.
Mr Burgess admits this one was a much harder decision to make than the higher profile Cliff Head 1, off the coast, adjacent to the Dongara oil and gas field, and with similar structural features.
The prospect is estimated to contain up to 120 million barrels of oil and 300 billion cubic feet of gas.
“Cliff Head is large and has the potential to be a company maker,” Mr Burgess said.
Whatever the outcome, two things are certain – Norwest is chasing immediate benefit for shareholders, and they’re unlikely to give up.
Norwest has 8 per cent equity in the WA 286 permit, in which Cliff Head 1 will be drilled and a five per cent interest in EP 386, where Arradale 1 is planned.