ASX ANNOUNCEMENT
ASX:NWE
5 March 2015
ARROWSMITH PROJECT
ABN: 65 078 301 505
288 Stirling Street
Perth WA 6000
PO Box 8260 PBC WA 6849
Tel: +61 8 9227 3240
Fax: +61 8 9227 3211 www.norwestenergy.com.au
Regulators grant approval for EP413 Arrowsmith Seismic Survey
Norwest Energy NL (ASX:NWE) is pleased to report that the company has received the required Federal and State government regulatory approvals to proceed with its planned Arrowsmith seismic survey. Pursuant to the approvals, Norwest will conduct the survey under stringent Federal and State government processes.
The survey will be conducted within exploration permit EP413 over an area of 106 km² at the
Arrowsmith locality, 250km north of Perth, between Eneabba and Dongara.
The objective of the survey is to assess the extent of the resource surrounding the existing Arrowsmith-2 well location and to assist in defining the optimal location and target formation for Norwest's first horizontal well Arrowsmith-3.
Two separate intervals have been high-graded for potential development; the Carynginia Formation and the Irwin River Coal Measures. The seismic survey will provide further data to assist with defining the future development options of the Arrowsmith field.
It is anticipated that the seismic survey will commence before the end of Q1 2015. Processing and interpretation of the data will follow, the results of which should become available during Q3 2015.
The evaluation program for the Arrowsmith-2 well was finalised during 2014 with ongoing review and analysis of the resulting dataset continuing into 2015. The Arrowsmith field was ranked as a discovery after an independent evaluation by DeGolyer and MacNaughton, who ascribed the following resource estimates:
contingent gross recoverable resource of 316 BCF gas; and
prospective gross recoverable resource of 2.6 TCF gas.1.
Chief Executive Officer Mr. Peter Munachen said "We are pleased to be given approval by the regulators to proceed with the survey. The results of the survey will make a significant contribution toward defining the commercial potential of the Arrowsmith project."
1. Refer to Norwest ASX release dated 02/08/2013
NORWEST ENERGY NL | ABN: 65 078 301 505
288 Stirling Street Perth Western Australia 6000 | PO Box 8260 Perth Business Centre Western Australia 6849
Tel: +61 8 9227 3240 | Fax: +61 8 9227 3211 | Email: [email protected] | Web: www.norwestenergy.com.au
EP413 Joint Venture
Norwest Energy 27.945% (Operator)
AWE Limited 44.252% (via subsidiaries) Bharat PetroResources Ltd 27.803%
For further information, please contact:
Peter Munachen
Chief Executive Officer / Director
phone: +61 8 9227 3240
email: [email protected] visit: www.norwestenergy.com.au
NORWEST ENERGY NL | ABN: 65 078 301 505
288 Stirling Street Perth Western Australia 6000 | PO Box 8260 Perth Business Centre Western Australia 6849
Tel: +61 8 9227 3240 | Fax: +61 8 9227 3211 | Email: [email protected] | Web: www.norwestenergy.com.au