"my guess is these guys are going to do the WA project to get a source of income, which they will re invest into the UK Project after, which will be 3+ years off."
Yes and No IMO. Whilst I wouldnt expect anything to happen at breakneck speed with the UK licenses, the wheel will keep turning.
From the NWE website in regard to PEDL 238.
The gravity survey results are now being combined and integrated with existing seismic data to confirm the permits petroleum potential. It is expected that a report on this interpretation will be available by the end of 2009. Norwest aims to use the results of this report to plan a 2D seismic survey over the permit that will be shot in the latter half of calendar 2010 or in early 2011.
and from the latest announcement...
The resource evaluation has determined that every one of these leads has the potential to exceed the minimum threshold of 400,000 barrels of oil. This provides encouragement for Norwest to conduct further work to de-risk the leads into drillable prospects.
NWE Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
