Norwest Energy NL (ASX:NWE) is the most active stock on the ASX this morning, with 74 million shares changing hands.
Norwest shares have also added 50% to $0.006.
The market activity was sparked following a drilling program confirming hydrocarbons at Xanadu-1.
Xanadu-1 was drilled as a conventional oil exploration well, designed to test for the presence of hydrocarbons in the Xanadu prospect, located offshore in shallow waters, 40 kilometres south of Dongara in Western Australia.
Norwest is the operator of the well and has a 25% stake. Other partners include: Triangle (Global) Energy Ltd (ASX:TEG) with 30%, Whitebark Energy Ltd (ASX: WBE) with 15% and 3C Group IC Ltd the final 30%.
Company Name · Code · Last · Change · Volume
Norwest Energy NL · NWE · $0.006 · 50% · 73,835,666
Patrys Ltd · PAB · $0.024 · 26.32% · 50,079,867
Pancontinental Oil & Gas NL · PCL · $0.004 · 0% · 22,176,593
AVZ Minerals Ltd · AVZ · $0.120 · -4% · 19,723,541
Oilex Ltd · OEX · $0.004 · 0% · 16,963,094
Lynas Corporation Ltd · LYC · $0.205 · 0% · 16,325,729
Gulf Manganese Corporation Ltd · GMC · $0.007 · 0% · 14,540,000
Magnum Gas & Power Ltd · MPE · $0.002 · 0% · 14,062,550
Whitebark Energy · WBE · $0.014 · 40.00% · 12,644,498
Atlas Iron Ltd · AGO · $0.018 · 0% · 12,517,110