ann: norwest’s us gas program on right track Thanks Mangrove for...

ann: norwest’s us gas program on right track Thanks Mangrove for the following announcement on MPEX

Norwest’s US gas program
on right track

Another positive result in Norwest’s Tennessee
acreage has emerged, with Carden-3A proving
itself able to hold a sustainable and economical
gas flow after achieving rates of 0.14MMcfd
following fraccing procedures.

The result augers well for the likelihood of
commercialising the remaining posse of
Carden wells, with all four containing thicker
Devonian shale sections than Carden-3A’s
131m. Carden-1A had a 155m thick section,
Carden-2A was 153m thick, Koppers 6A was
267m with Koppers-7A at 149m. All five wells
have been suspended for fraccing, with data
from Carden-3A’s shut in period to be used to
determine the optimal completion program for
the remaining wells.

The five well shallow gas program, operated
by Miller Petroleum, where Norwest stands to
earn a 29% net revenue interest, started midlate
Apr and finished mid Jun. Each well
drilled to around 975m and costed
US$235,000 including a basic fraccing
program and completion. Norwest has the
option to participate in additional wells in
blocks, first another five, then a batch of 10,
then 20, to a possible total of over 100.
The project is located in two leased areas – the
Carden and Koppers North leases – within a
10,400 acre area in Campbell County within the
hydrocarbon prospective Appalachian basin.

Norwest is preparing for the drilling of 60-
100mil bbl Magnolia-1 in AC-P-32 by the Ocean
Bounty late Sep, where Norwest holds a 19.6%
stake. The well is part of a 2+2 program for
Coogee Resources, which is operating
Magnolia on behalf of permit operator Norwest.
Norwest was trading down $0.01 at $0.175 on
volumes over 2.3mil in the hours after the
announcement.