Norwest Closes Sale of Stake in Cliff Head Project

Cliff Head Field, Perth Basin
(Click to Enlarge)
Norwest has closed on the sale of The Company's 5% interest in the Cliff Head oil project located offshore Australia to CIECO Exploration and Production(Australia)Pty Ltd., a subsidiary of ITOCHU Corporation of Japan, with the Company receiving $8.5million (including interest andadjustments).

Under the terms of sale, in the event of production from the project exceeding 28 million barrels of oil, Norwest will be entitled to a 2% over riding royalty (ORR) from ITOCHUíS share of production. Norwest has also granted ITOCHU a first right of refusal on its interest in TP15, up to June 16, 2004, should Norwest wish to offer its interest for sale during that period.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours