Norwest Energy provides update on UK license status

Offshore staff

PERTH, Australia – Norwest Energy NL has provided an update on the status of the Wessex basin licenses in the UK held by its subsidiary company NWE Mirrabooka (UK) Pty. Ltd. Following discussions with joint venture partner Wessex Exploration plc and the UK Department of Energy and Climate Change, the group relinquished promote license P1928 (Bournemouth Bay) rather than waiting for the Feb. 1 drill-or-drop deadline.

The early relinquishment enables the group to reapply for the more prospective parts of P1928 under the 28th round of offshore licensing, expected to open in February 2014. If successful in the application bid, the joint venture will have two years to complete the evaluation, select a drilling target, and find a farm-in partner.

Although the joint venture had acquired 2D seismic data in October 2013 in relation to P1928, and reprocessed substantial volumes of existing 2D and 3D seismic across the area, a firm commitment to drill was required by Feb. 1. The joint venture partners agreed that there was insufficient time remaining to prove up the prospects and find a farm-in partner before the deadline.

The company is also considering its options with the remaining two onshore blocks PEDL 238 (Christchurch) and PEDL 239 (Isle of Wight), also partnered with Wessex Exploration plc; these blocks expire on July 1.

01/09/2014

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