First Hartley's have given a speculative buy . Now, I wonder if Paterson's will give a buy recommendation. Possible motivation to do so see below.
19 July 2012 Results of Share Purchase Plan and Placement of Shortfall Norwest Energy NL (“Norwest” or the "Company") advises that eligible shareholders took up 62,607,750 shares in Share Purchase Plan which closed on 13 July 2012.
The resulting shortfall of 37,392,250 shares has been placed with sophisticated investor clients of Hartleys and Patersons Securities. The funds raised will be used to further the Company’s Australian and International oil & gas exploration activities and also to supplement the working capital of the Company.
For those wanting a bit of weekend reading to do, have a look at the announcement put out by NWE Novemeber 12 2010. A ten page document which will reinforce why you are holding onto your shares. Apparently Arrowsmith 1 flowed at 4 million cubic feet per day without fraccing before declining.
NWE Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
