Norwest to Raise Funds for North Perth Basin Acquisition

Norwest Energy has entered into an agreement with Patersons Securities Limited, which will act as lead manager in arranging to place up to 56,575,000 shares at an issue price of 2.3c to raise up to $1,300,075.

The funds raised will be used to fund the purchase of Victoria Petroleum's Northern Perth Basin assets, further the Company's exploration programs in Western Australia's Perth Basin and the UK's Wessex Basin and to provide further working capital.