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  1. 1,747 Posts.
    HI Guys,

    For those who are more interested in making money rather than speculating on the problems of the world, You should read the notice from NWE and look at it's forthcoming drilling program.

    Regards M.

    21 October 2002
    ASX Company Announcements Office
    Fax: 1300300021 (1 page)
    Cliff Head Oil Field Upgraded

    Norwest Energy NL, on behalf of its wholly owned subsidiary Westranch Holdings Pty Ltd, is pleased to advise that its 5% interest in Cliff Head Oil Field, in the Perth Basin, Western Australia has received a substantial reserves upgrade and , subject to successful appraisal drilling, will be commercially viable to develop on a stand alone basis.

    The upgrade has come after the WA-286-P Joint Venture has undertaken a detailed study of the geological, geophysical and engineering information on the field. These studies have included analysis of reprocessed seismic data , reservoir simulations and potential development options.

    The key findings of the studies are:

    "h Estimates of oil in place have increased to between 100 and 140 million barrels of oil, up significantly from the previously reported range of 80 to 100 million barrels (representing an increase of between 25 and 40%).

    "h Estimates of oil recovery factors have been quantified for the first time by reservoir modeling and simulations and are expected to be between 30% and 35%. The recovery is supported by the performance of analogous fields in Australia and takes into account the specific nature of the oil at Cliff Head, which is similar to other Perth Basing crudes, ie moderated gravity (31 degrees API), waxy and viscous at low temperatures. The crude oil characteristics can be managed for little additional cost within the overall development.

    "h Estimates of recoverable oil lie in the range from 30 to 50 million barrels.

    "h Scoping studies of potential development costs including offshore and onshore facilities indicate the field, as currently understood, is commercially viable to develop.

    "h The previously reported potential oil in place estimates were calculated shortly after the drilling of Cliff Head 1 & 2. The current estimates are based on a more rigorous technical evaluation. The range of recoverable oil reserves however reflects the geological uncertainty still to be addressed by the appraisal drilling and testing programme scheduled for January 2003. If that programme confirms our current understanding of the field, it is anticipated that the joint venture will move towards commercial development, with first oil being produced in late 2004 or 2005 (subject to several external factors, including statutory and environmental compliances).

    Along with the Cliff Head appraisal programme, NWE will also participate in a multi-well exploration-drilling campaign in the offshore Perth Basin. The total programme will consist of at least three and possibly as many as eight exploration and appraisal well in a around Cliff Head, in both WA-286-P (NWE 5%) and the adjacent TP/15 (NWE earning 10%).

    One of the largest prospects scheduled for drilling is the Twin Lions prospect which straddles the boundary between WA-286-P and TP/15. If Twin Lions 1, which is scheduled to be drilled from a location within TP/15, is a significantly discovery , there is potential for a co-ordinated multi-field development to be undertaken in this part of the offshore Perth Basin. The current view of the WA-286-P Joint Venture is that Cliff Head , which lies entirely within WA-286-P, could be developed on a stand-alone basis without reference to results from Twin Lions 1 and success at Twin Lions would simply add to the overall commerciality of the area.

    Ivan Burgess, CEO of Norwest Energy NL, stated that the company was pleased with progress and results of evaluation studies. While results from the drilling programme scheduled for early 2003 were critical the company is confident that Cliff Head will be commercial.

    Participants in WA-286-P include:

    Westranch Holdings Pty Ltd (a subsidiary of Norwest Energy) 5.0%
    AWE Oil (Western Australia) 27.5%
    Arc Energy NL 7.5%
    Roc Oil (WA) Pty Ltd (Operator) 30.0%
    Voyager Energy Limited 5.0%
    Wandoo Petroleum Pty Ltd 25.0%

    For and on behalf of
    Norwest Energy NL

    Ivan Burgess
    CEO / Director

    For further information, please contact: Mr Ivan Burgess CEO/Director
    Ph: 08-9228 8251
    E-mail: [email protected]
    Web Site: www.norwestenergy.com.au
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