The new ceo has a hands on approach to oil and a lot of experience in the field. The plan with the US drills is to make hopefully dozens of drills for gas. These are only small gas fields, but with the US demand for gas being so strong and prices so high, it makes these drills commercially viable. Plus now the farmdown of ACP/32 has gone ahead with a partly owned subsiduary of ARC Energy purchasing 25% of Magnolia for a 37.5% cost, helped to reduce the risk of this drill, with a target of 80-100 million barrels. Also finally taking a 50% stake in part of Nido's North Sea venture, which has huge potential for gas. This purchase will cost a max of $300K to NWE. Good buy in my opinion. The object is for the US to start giving greater cashflow to NWE to help further future drills. The objective is to start with some relatively low risk drills in the US, while still seeking smaller stakes in some higher risk ventures. Thats pretty much my sum up of Norwest's projects.
NWE Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
