The company said it had received commitments to raise the money from a range of investors, including the Norwest board of directors, with arrangements also in the works to raise up to $500,000 more in a share purchase plan.
The money from both capital raisings will be used for drilling costs associated with the company’s 20 per cent interest in Perth Basin permit EP 368, as well as planning and preparation for operations in EP 426 and studies of other interests including the Xanadu oil discovery.
Norwest Managing Director Iain Smith said it was an “exciting time” for the company, with recent Perth Basin discoveries such as the West Erregulla gas field situated in close proximity to company assets.
“The prospectivity of the basin has been hugely enhanced in recent years with discoveries in each of the three exploration wells that have tested the Kingia/High Cliff Permian gas play,” he said.
“The EP 368 Joint Venture (JV) will shortly select the location for what could be a truly transformational exploration well for Norwest.”
Energy Resources Limited operates the EP 368 JV with an 80 per cent interest.
For more information visit the Norwest website.
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