I agree somewhat with your statements. However I think TP15 will be just as important as the UK. From the website... Norwest believes Xanadu has a potential 90MMbbl of oil in place with potential for 28MMbbl of recoverable oil. Redhill South could hold up to 25MMbbl oil in place with potential for 7MMbbl oil recoverable.
Norwest plans to target one or both of these prospects in the 2010 drilling season. Importantly, both wells can be drilled at relatively low cost from onshore sites using deviated drilling techniques.
Norwest is now focused on progressing both the drilling and farm-out processes. The Company is in discussions with potential farminees and is required to drill a well in the permit by October 2010.
The problem is the Oct deadline IMO.
I think too everyone is forgetting puffin. When (or if) this finally gets going again this will provide a source of revenue.
Capital raising??? Probably eventually, yes. When exactly or how much?? anyones guess. It would be prudent though for management to try and raise the s/p in any event, capital raising or not.
NWE Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
