Maybe one to watch more than buy over the coming weeks. And more for me to get lambasted with.
However, Entry for STT Thread
Norwest Energy NWE
Shale gas explorer in Perth Basin.
FA/TA
Current price as of March 1, 2013 12:00pm is 4c.
Gone as low as 3.8, which seems to be the bottom. This was its 52-week low, and it hit it earlier this week. Has fallen from its highs of 9.7 in June 2012 when fracking five potential zones. Support/resistance is at 4.5c, and has moved as high as 6c this calendar year.
Expected to be presenting at an Oil and Gas expo next week, which could help to move the share price up to the 4.5c+ mark. If 4.5 breaks, moves into the 5, 5.5 and 6c ranges are strong possibilities.
Add to this the recent Norwesterly newsletter being released.
Peak returns from the three sections already tested. All results are preliminary:
Kockatea: 400k (and there is some oil) - testing externally Caryginia: Initially, 350k, and likely to increase IRCM: 777k - From original test in June. Still to be followed up. Programmed to be tested in next 3 months.
And a resource estimated is expected to be provided by the end of March.
DYOR, as it has been on a slippery slope since the 6.5c highs in December, when it had announced it was closing the well over the Christmas Period. When it reopened, it shot back up to 6c, but due to a lack of company communication, it has dropped to these lows.
