(ASX:NWE) Among WA Billionaires at foot of world-class gas play, page-424

....here is NWEs target statement....10th Jan 2023...for me, it still cuts it and reflects my own views. Nothing is certain in this game. There is risk in uncertainty and there is reward. And thats why we invest in firms like NWE...Remember, MIN started with $10k from CE's credit card - clearly someone saw the potential there. The NWE board saw the potential here too.

The unsolicited Offer does not appropriately value Norwest’s Perth Basin assets and has been opportunistically timed prior to the full extent of the
Lockyer discovery becoming known

The drilling of the Lockyer Deep-1 well in September 2021, and subsequent well testing operations, confirmed a significant Permian gas/condensate discovery with exceptional well deliverability, reservoir quality and gas composition across a 25-metre interval of the Kingia Sandstone reservoir, with the highest flow rate achieved in the Perth Basin Permian gas play to date and one of the highest rates seen anywhere onshore Australia.

MinRes, being the parent entity of the operator of the project, has a unique and detailed insight into the potential of the Lockyer gas/condensate discovery which has the potential to be one of Australia’s largest onshore gas fields.

Your Directors believe that the Offer by MinRes has been opportunistically timed prior to commencement of a high-impact two well drilling campaign, and while a 3D seismic survey is in progress,for which the results will not become available for some time. The drilling program aims to confirm the presence of gas across the greater Lockyer structure (which has the potential to cover an area of more than 100 km2), and to inform resource definition as well as future development planning.

Success during this program has the potential to be transformative for both the ultimate size of the Lockyer resource, and for Shareholders.

Furthermore, your Directors believe that Norwest’s Perth Basin exploration permits have significant follow-on exploration potential, with only one of eight defined Permian leads within Norwest’s portfolio having been tested so far. Of particular focus for Norwest is Lead E which your Directors believe has the potential to be of a similar scale to Lockyer. Importantly, a number of these leads were upgraded by the 2022 Ringneck 2D seismic survey, with the current Rococo 3D seismic survey expected to provide an improved sub-surface view of the greater Lockyer structure and adjacent leads for future exploration drilling.