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Market: ASX
Sector: Energy
EPIC: NWE
Latest Price: A$0.04  (10.00% Ascending)
52-week High: A$0.07
52-week Low: A$0.03
Market Cap: A$32.24M
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Norwest Energy NL
www.norwestenergy.com.au/index.php?section=1
Norwest Energy NL is an Australia-based company. The principal activity of the Company is exploration for hydrocarbon resources. Norwest holds 1.278% producing working interest in the Jingemia Oilfield in the Perth Basin. During the fiscal year ended June 30, 2008, the Company operated primarily within Australia, the United Kingdom and in the United States. Norwest Energy NL holds interest and royalty in two productive tenements and continues to explore and develop existing exploration-license tenures singularly or with joint venture partners where applicable.
Full Norwest Energy NL profile here
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Norwest Energy shares rise on potential for shale gas in Perth Basin, WA

19th Mar 2010, 9:15 am

Norwest Energy (ASX: NWE) has noted with interest the release to the ASX by AWE (ASX:AWE) on 17 March 2010, stating that it is pursuing shale gas in the Perth Basin, Western Australia.

In particular AWE refers to its acreage interest in the basin including EP413.

Norwest has a 55.606% interest in EP413. In addition Norwest has interests in other permits in the Basin with shale gas potential. The total acreage, net to Norwest, is 376,211 acres (1522.5sq.km).

Norwest is watching AWE’s activities with interest as it progresses its shale gas initiatives.
AWE is currently conducting its Woodada Deep Coring program to test the shale gas potential of the Woodada licence that adjoins the southern boundary of EP413.

“The Perth Basin shale gas potential is of significance to Norwest,” said chief executive Peter Munachen.

“If you follow the US shale gas plays such as the Marcellus and Barnett, it’s all about acreage. We have the acreage and we know that the shale is present throughout the Basin. It’s now about dealing with the technical issues such as determining the recoverability of gas and whether it will be a viable commercial proposition,” he added.

Given Norwest’s acreage interest in the basin, the company is well placed to capitalise on the
shale gas play in the event that AWE has success with its Woodada Deep shale gas testing
program.

Norwest is in a particularly strong position because the company’s acreage contains three shale sequences that are present throughout the basin – the Kockatea Shale, the Carynginia Formation and the Irwin River Coal Measures.

Target shale sequences are up to 1000m thick (within EP413) and the WA gas market is strong with LNG netback pricing.

Additionally, the company has extensive acreage with a Norwest permit footprint of more than 1,000,000 acres (about 4050sq.km) (with 376,211 acres (1522.5sq.km) net to Norwest). Also, the Perth Basin has existing infrastructure, including pipelines.

Norwest Energy shares rose 7% to 3 cents in trading today.

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