NWE 16.7% 0.4¢ norwest energy nl

north sea farmin

  1. 689 Posts.
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    Nice news this morning.

    Norwest Energy NL, (ASX: NWE), has just signed a farm-in agreement with
    Ithaca Energy Inc. (LSE – AIM: IAE and TSX-V: IAE) on Block 11/29 in the UK
    North Sea.
    Norwest will pay 7.5 percent of an exploration well total cost to earn a 5
    percent working interest in Ithaca’s highly prospective Manuel prospect. The
    prospect is located approximately12 km west of the Beatrice oil field of the
    Inner Moray Firth basin.
    The test well for the Manuel prospect was spudded on 17 February 2008, and
    is targeting Jurassic sands. Estimated dry hole well cost is US$17 million.
    Ithaca operates Block 11/29 and the Manuel test well which is being drilled
    through a turnkey arrangement.
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