Australia's Norwest Energy Updates on Operations at its Upstream Assets

Data retrieval and preliminary seismic interpretation of historic data has been undertaken on the permit to further assist with the evaluation of hydrocarbon prospectivity.

Norwest has applied to the Department of Mines and Petroleum to convert the SPA to an Exploration Permit and has submitted a proposed six year minimum work program for consideration.

United Kingdom Exploration Program

P2265 (Blocks 98/7b, 98/8a and 98/12a) – Offshore Wessex Basin (Norwest 65 percent)

Permit P2265 lies to the east of the producing Wytch Farm oil field in Bournemouth Bay in southern England and includes conventional oil targets, with the ability for nearshore targets to be drilled from onshore.

Reprocessing of the historical 3D seismic data is currently being carried out in the United States. Time processing has been completed and depth processing is continuing. It is anticipated that this reprocessing will be finalized before the end of 4Q CY2015.

Immediately to the west of P2265 and straddling this permit is the Colter Prospect (operated by InfraStrata plc) which is estimated to have 50 million barrels oil in place. The reprocessing of the historical 3D seismic data will further assist in determining how far this prospect extends into P2265.

Norwest and HALO have two years to reprocess the historical 3D seismic data, select a drillable target and find a suitable farm-in partner. At the end of this two year period, a commitment must be given to drill a well in the subsequent two years or relinquish the License.


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