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Norwest Energy to earn 60% interest in Southern England onshore oil permits

Published: 05:14 22 Jun 2009 EDT

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Australian and UK focussed oil producer and explorer, Norwest Energy (ASX: NWE) has struck a deal with UK explorer, Wessex Exploration to earn a 60% interest in Southern England onshore oil permits PEDL 089 and near shore permit P1153.

The Norwest strategy is to focus on under-explored and undervalued license areas in the south of England.

Norwest will earn the interest by funding in part, exploration in the two permit areas in 2009 - estimated to cost £60,000 and will become operator.

Norwest has selected these permit areas because the licenses are strategically located between Norwest’s existing PEDL 238 (Dorset) and PEDL 239 ( Isle of Wight) licenses in the South of England - Wessex Basin.

Norwest has undertaken an airborne gravity gradiometry survey together with a high resolution ground gravity survey over the Isle of Wight and Dorset license areas over nine months. It has identified potential prospect areas and will conduct a more detailed technical review to further define and de-risk each of these potential prospects.

As an overview, Norwest considers the Wessex Basin south of England to have significant untapped potential for new hydrocarbon discoveries considering that to date; few other material discoveries have been made in the area since Wytch Farm was discovered by the Gas Council in 1973. 

BP operates the Wytch Farm oil field, which has produced over 400 million barrels of oil to date with estimated recoverable reserves of nearly 500 million barrels and is the largest onshore oil field in Western Europe and the sixth largest oil field in the UK (including the North Sea fields).

Australian producing oil assets of Norwest's in Western Australia consist of: a 1.25% Over-Riding Royalty interest in two producing oilfields, Puffin in the offshore Vulcan Sub-Basin (AC/P22) and a 1.278% interest in Jingemia in the Perth Basin (L14/EP413).  It also holds interest in a further three permits in the Perth Basin TP/15, EP368 and EP426 which each contain high potential prospects.

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