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will oil restore value

  1. Mangrove

    1,747 posts.
    Always a chance, but the market is pretty quiet and the drilling is almost there.

    Ragards M.


    6th March 2003

    ASX Company Announcements Office

    ASX Online

    Pages 3




    Cliff Head Multi-well drilling Programme
    Cliff Head 4 appraisal drilling ahead at 1,029m

    Norwest Energy NL, advises that, the Cliff Head 4 Appraisal well has directionally drilled to a depth of 1,029 meters. Cliff Head 4 is programmed to be drilled to a depth of approximately 1,386 metres below Rotary Table.



    FIRM WELLS
    WELL Permit Potential Equity
    (mm bbl in place)
    Cliff Head 3 WA-286-P 80-100 5.0% flowed 3,000BOPD
    Twin Lions 1 TP/15 10.0%* plugged and abandoned
    Mentelle 1 WA-286-P 5.0% non commercial oil shows
    Vindara 1 WA-286-P 5.0% minor oil shows
    Cliff Head 4 WA-286-P 5.0% drilling

    CONTINGENT
    Cliff Head 5 WA-286-P 5.0%


    . paying 20% plus testing capped


    Please Note: Norwest plans daily report during the drilling of these wells and hence will
    keep the market fully appraised.

















    The WA-286-P Joint Venture comprises:
    Equity

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




    For and on behalf of
    Norwest Energy NL
    Ivan Burgess




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


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