Mr. Peter Munachen, Norwest CEO/Director said “These are truly exceptional results with all five zones delivering gas to surface. The highlight was the High Cliff Sandstone that peaked with a flow of 777,000scf/d under limited flow back time.
Arrowsmith was a proof of concept well and has performed way beyond our expectations, especially being capped off with oil from the Kockatea. There was an expectation that we might get some condensate, but oil is a real bonus. This could be shale oil from the shale interval or from a potential source at the base of the Kockatea in the Hovea-Wagina formation, where a 10.6m interval of limestone reservoir was intersected. The Hovea-Wagina formation is prevalent throughout the permit/Basin but the areal extent of the this intersect will not be determined until a 3D seismic survey is conducted over the Arrowsmith region, planned for Q2/2013.
We are now about to re-enter the well to clean up, flow back and test each of the five zones to obtain measurable flow rates.
These results will form the basis of our independent consultants assessing the initial estimated contingent resources for each zone that will determine the way ahead. This will all take some time and we need to patiently wait for the specialist’s decision, however as we sit today Norwest has an expectation for potential multiple TCF’s of gas. ”
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That's just the first page! Very very BULLISH!
Good work NWE crew :)
NWE Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
