Norwest Energy NL has reached agreement with Victoria Petroleum to acquire its Northern Perth Basin interests for a consideration of A$500,000 (~US $441,696). The transaction will result in Norwest increasing its equity in:
The transaction is subject to completion of formal documentation and the relevant documents being approved and registered by the Minister for Mines and Energy by December 31, 2010. With respect to exploration permit EP413 transaction, it is also subject to the continuing parties being, Norwest, Arc Energy Limited and John Geary committing to the permit obligations that require the drilling of a well on the permit by 1 February 2011. The transaction follows the recent acquisition by Norwest of Origins 49.189% interest in EP413.
"Norwest has always had an interest in increasing its interest in Jingemia and even though the increased stake will still be modest the field has several production years ahead of it and has the potential to provide a steady cash flow of around $750, 000 to $1,000,000 per
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