Norwest Energy NL reported Wednesday that it has formed a strategic alliance with Rey Resources Limited (Rey) to investigate opportunities to further develop the interests held by Norwest in the northern Perth Basin, Western Australia.
The formation of the alliance follows discussions between Norwest and Rey about potential farm-out opportunities around Norwest’s Perth Basin interests, including the previously announced TP/15 farm-out process.
In support of the strategic alliance, Norwest and Rey have entered into a Subscription Agreement whereby Rey has subscribed for $195,075 (AUD 250,000) of Norwest shares at a price of $0.0037 (AUD 0.004712) per share, which will result in 53,056,027 shares being issued to Rey.
CEO Peter Munachen said “Norwest welcomes Rey Resources as both a strategic partner and cornerstone investor as we work together to investigate opportunities that will add value for the shareholders of both companies.”
“The alliance with Rey further highlights the potential value of Norwest’s Perth Basin assets, and with the financial backing provided by Rey, we hope to work towards a mutually beneficial transaction that will see significant value derived from one or more of our Perth Basin assets.”
“This is an exciting time for Norwest and Rey as both companies work together to benefit from the increasing investor interest in the Perth Basin during 2015 and beyond following the recent exploration success achieved in the basin.”
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