HIGHLIGHTS§ Petrophysical analysis of wireline data confirms...

HIGHLIGHTS
§ Petrophysical analysis of wireline data confirms exceptional reservoir quality in Kingia Sandstone
§ Net gas pay 20.2 metres (TVD) with average porosity 16% and average permeability estimated 500 Millidarcies
§ High reservoir pressures indicate an estimated 600-800 metre gas column
§ Discovery is expected to exceed Norwest's pre-drill High Case prospective resource
§ Well being completed for production testing
§ Substantially upgrades EP368 & EP426 Permian exploration portfolio
Perth Basin oil and gas exploration company Norwest Energy NL (“Norwest” or the “Company") is pleased to provide
the following update further to recent completion of wireline logging operations at the Lockyer Deep-1 conventional
gas discovery wellThe EP368 Joint Venture's petrophysical analysis of the Kingia Fm. confirms a 34 metre (TVD) gross pay interval at
the top of the Kingia Sandstone, between 3,888 metres and 3,922 metres (TVDSS), with gas interpreted down to low
permeability or tight rock (i.e. no gas water contact). Based on an 8% porosity cutoff, net gas pay within this interval
is 20.2 metres (TVD), predominantly within the upper section. This net pay zone is of exceptional quality, with average
porosity of 16% and average permeability estimated at 500 Millidarcies. The maximum measured porosity is 28%.column (from the North Erregulla crestal location) down to a Free Water Line at approximately 4,500 metres (TVDSS,
Refer Figure 2). Norwest Energy regards this as remarkable as it confirms the fault-seal integrity of the structure's
main bounding faults, regardless of orientation and despite a very significant gas column. This result substantially
upgrades the additional prospectivity identified within EP368 and EP426, including Lead D (20 km2) directly to the
northeast. Based on a gas column of up to 800 metres the indicative areal extent of the discovery is approximately 66 km2, with
an additional 22 km2 of low-risk upside in the downthrown fault block to the south of the North Erregulla culmination
(refer Figure 1). The associated preliminary estimate of gas resources within the Kingia 66 km2 area alone is believed
to exceed the Company's pre-drill High Case prospective resources for the Kingia and High Cliff combined (refer
ASX Announcement of 28 October 2019). The remaining 13.8 metres within the gross Kingia pay interval includes
sandstones with porosity less than the 8% cutoff. While these sandstones are not regarded as conventional pay, the
Company believes they may well provide incremental recoverable gas re