Norwest Energy Sells Stake in Cliff Head Project

Norwest Energy reports that the Sale and Purchase Agreement for the disposal of the Company's 5% interest in the Cliff Head Project (WA-286-P) located offshore Australia to Itochu Oil Exploration Co Ltd was executed by the parties on February 19, 2004.

The completion of the transaction is now subject to shareholder approval, consent of Joint Venture parties and regulatory approval.

Settlement of the sale price of $8.1 million is expected to occur during April 2004.

Roc Oil is the operator of the WA-286-P joint venture with a 37.5% stake.

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