At last some action. Only a small interest in Jingemia but it's action.
NWE has dropped off the radar and is selling under it's cash backing.(When paid for sale of Cliff Head)
It is appointing a new CEO, cashed up and in the PCL camp. Don't be surprised when this one takes off.
Honest competant directors. Back the team and put a few away. This is the next PCL.
Here's the Jingemia Announcement.
News Release Thursday 22 April 2004 JINGEMIA –4 DEVELOPMENT / APPRAISALWELL COMMEMCES ONSHORE PERTH BASIN, WESTERN AUSTRALIA
Norwest Energy NL (“Norwest”) has been advised by the operator, Origin Energy Resources Limited1, that drilling of the oil development / appraisal well Jingemia-4 located in the onshore Perth Basin Exploration Permit 413, will commence on Friday, 23 April 2004 using the Century 11 drilling rig.
The Jingemia-4 well is being drilled from a surface location approximately 350m east-northeast of the Jingemia production facility and has been located to intersect the Dongara Sandstone oil reservoir near the crest of the field. The aim of the well is to provide a second oil production well at the Dongara Sandstone oil reservoir level and to appraise the reservoir potential of the immediately underlying Wagina Formation, which is interpreted to be above the oil water contact at the Jingemia 4 location. Drilling to the top of the reservoir zone is expected to take 10 to 14 days.
Coring of the Dongara Sandstone and Wagina Formation reservoirs is planned to provide information which will enable the field development plan to be optimised.
Granting of a production license for the Jingemia field is imminent.
Commenting on the well Norwest’s Director, Andrew Svalbe said, “Jingemia-4 is an important well for Norwest. We anticipate that a successful well will support up to a doubling in oil production rates from the field (Jingemia-1 is currently producing at about 2,000 bopd) and we are hopeful that an upgrade in field reserves will also result in due course.
Participants in EP 413 are: Origin Energy Developments Pty Ltd1 (Operator) 49.189% Hardman Oil and Gas Pty Ltd2 22.376% ARC Energy Limted2 15.495% Voyager (PB) Limited2 6.270% Victoria Petroleum Offshore Pty Ltd 5.000% Norwest Energy NL 1.278% Roc Oil (WA) Pty Limited 0.250% John Kevin Geary 0.142%
NWE Price at posting:
0.0¢ Sentiment: None Disclosure: Held