Norwest Energy has had a “truly transformational” 12 months, according to managing director Iain Smith.
At the company’s annual general meeting, the Norwest leader highlighted that the Lockyer Deep-1 exploration well confirmed a very significant conventional gas discovery.
The exploration well had a very high reservoir pressure of 6514 psi, and a gas pressure gradient that indicated a very substantial gas column of up to 700 m, relative to Waitsia’s 350-400 m.
This implied a high-integrity fault sealing mechanism, and supported the case for a very significant conventional gas discovery.
The associated Gross Rock Volume also implied a resource that exceeded the pre-drill High Case Prospective Resource.
Moreover, exceptional reservoir quality was encountered in Kingia Sandstone.
Further highlighted in the meeting, significant follow-on exploration potential was identified within the permits for commercialisation of the Lockyer Deep discovery, and was upgraded by a recent seismic reprocessing program and the success of Lockyer Deep-1.
The company said the Ringneck 2D survey will proceed in the first quarter of 2022 to support the decision process on appraisal well locations, in conjunction with a Quantitative Seismic Interpretation and rock physics study.
The aim of the Ringneck survey is to upgrade leads to drillable prospect status, while appraisal drilling is expected to commence in 2022.
Norwest Energy is a Perth Basin focused oil & gas exploration company headquartered in Perth, Western Australia, and the company hold interests in an extensive portfolio of exploration permits, both onshore and nearshore.
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