Total
0
Shares
Norwest Energy raising $3.75M for work in Perth
  • Oil and gas explorer Northwest Energy is looking to raise up to $3.75 million from shareholder to fund one of its wells in the Perth Basin
  • The EP 368 well is held in a joint venture with Energy Resource who has an 80 per cent interest, Norwest holds the remaining 20 per cent
  • The company says it remains well funded to continue drilling and exploration at its holdings in the Perth Basin
  • Norwest's share price is remaining flat today, currently trading for 0.4 cents each

Northwest Energy is looking to raise $3.25 million from shareholders to help fund a drilling campaign in the Perth Basin.

Drilling will take place at the company's EP 368 well in the first half of next year. Norwest has a 20 per cent interest in the well and Energy Resources holds the remaining 80 per cent.

Norwest's Managing Director, Iain Smith said: "I believe this is a great result at what is a very exciting time for Norwest Energy and Perth Basin explorers in general."

"The prospectivity of the basin has been hugely enhanced in recent years with discoveries in each of the three exploration wells," Iain added.

The company detailed in its release to the market today, that its capital raising, current cash in the bank and the $630,000 it is receiving from the sale of the L14 production license leaves it in a favourable financial position moving forward.

With the secured funds, the company said it will continue its exploration and drilling initiatives at the EP 368 well.

"The EP 368 Joint Venture will shortly select the location for what could be a truly transformational exploration well for Norwest," Iain said.

Sophisticated and institutional investors will take part in the raise. Additionally, the company is looking to raise a further $500,000 through a share purchase plan.

At today's market close, Norwest's share price remained flat. Shares in the company are currently trading for 0.4 cents each.


Subscribe


NWE by the numbers
More From The Market Herald
Empire Energy Group (ASX:EEG) - CEO & Managing Director, Alex Underwood - The Market Herald

" Empire Energy Group (ASX:EEG) begins drilling at Carpentaria-1 well

Empire Energy Group (EEG) has begun drilling at the Carpentaria-1 well within permit EP187 in the Northern Territory.
88 Energy one step closer to drilling at joint well with Premier Oil

" 88 Energy (ASX:88E) draws similarities between Peregrine and nearly gas field

88 Energy (88E) has drawn similarities between two prospects at Project Peregrine in Alaska and the nearby Willow Oil Field.
State Gas (ASX:GAS) - Executive Chairman, Richard Cottee - The Market Herald

" State Gas (ASX:GAS) wins bid for new acreage in Queensland

State Gas (GAS) has won a substantial new acreage, dubbed PLR2020-1-5 (simply known as Block 5), in the latest Government Petroleum Land Release.
Bounty Oil & Gas (ASX:BUY) raises $1.4M for oil development in Queensland

" Bounty Oil & Gas (ASX:BUY) raises $1.4M for oil development in Queensland

Bounty Oil & Gas (BUY) has raised $1.43 million to fund oil development activities at its projects in Queensland’s Naccowlah Block.