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nwe puffin update

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    ASX Announcement
    3rd July 2007

    Puffin Oil Volume Update

    Norwest provides reference to a recent ASX announcement by the Puffin Oilfield
    operator, AED Oil Limited dated 2nd July, 2007.
    In the announcement, AED refers to the latest estimates of potentially recoverable
    oil in the SW area of 40.3 million barrels. Combining that with previous figures
    provides the following table of oil volumes.
    Million Barrels
    Million Barrels
    NE1 Oil Volumes P50 67 40
    NE2 Oil Volumes, average (and range) 20.5 (11-30) 09 (5-13)
    SW Oil Volumes best estimate 77.8 40.3
    Total 165.3 89.3
    A single number quoted for recoverable volumes indicates that AED has quoted these recoverable
    volumes. A number followed by a range indicates that Norwest has made assumptions from AED’s
    Norwest holds a 1.25% over-riding royalty interest which covers the entire AC/P22
    permit. The potential value of Norwest’s royalty stream using the estimated
    recoverable volume is calculated at between AU $66 million and $92 million based
    on an oil price range of from US$50 to $70 per barrel and exchange rate of $0.85.
    AED also refers in an announcement dated 29th June 2007 to likely commencement
    of production for the Puffin NE1 area in August 2007.
    For detailed information please refer to AED’s announcements on the ASX website.
    For further information contact
    Mr. Joe Salomon
    Telephone: +61 8 9227 3240
    Email: [email protected]
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