re: share placement - opinions? thanks
Early November spud for Magnolia! This from Norwest's website. Let the games begin...........
REPORT FOR THE QUARTER ENDED 30th September, 2005. Highlights • All five wells in the Tennessee project in which the company has a 37.5% working interest have been fraced and brought on line. Production rates for the wells are lower than anticipated. Norwest announced its intention not to proceed with further drilling on 26th October 2005. • Norwest has established an office in New Delhi to identify and build on opportunities in India. • In AC/P32, the Magnolia 1 drilling is now expected to take place in early November, 2005. • Norwest has been awarded one block (47/8d and 47/13c) in the 23rd bidding round in the North Sea. The block is located in the Southern Gas Basin close to the block already held by Norwest. • The Jingemia field re-started production again on 25th September at approximately 4,000 barrels per day. • Placement raises $4 million. • Share Purchase Plan in progress to raise a maximum of $4 million
NWE Price at posting:
0.0¢ Sentiment: None Disclosure: Held
