Norwest Closes Sale of Stake in Cliff Head Project



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 ITOCHU’S 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.
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