🕐12.11.10 - 04:27 Uhr

Norwest Energy [ASX: NWE] - Norwest endorses AWE’s view of shale gas potential of the Perth Basin



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Norwest Energy [ASX: NWE] - Norwest endorses AWE�s view of shale gas potential of the Perth Basin

Norwest Energy (ASX: NWE) announces that it endorses the view that A W E Limited (ASX: AWE) has for the shale gas potential of the Perth Basin.

NWE also shares the same view of AWE that �the commercial drivers in the Perth Basin could allow this shale gas opportunity to provide Australia�s first commercial venture in the growing global phenomenon of �unconventional� Shale Gas production.� In fact Norwest has had such a view since the early part of 2010 which has been reflected through its asset dealings in EP413 during the course of 2010.

Norwest has announced on several occasions that the Perth Basin is located in close proximity to the Dampier to Bunbury, and Parmelia gas pipelines that feed the South West domestic market.

There is strong demand for gas in the Western Australia market that is underpinned by a domestic gas price of $8 or more, per thousand cubic feet (mcf) all of which augers well for Perth Basin shale gas players.

The AWE announcement refers to the overall acreage equity of AWE in the Basin including EP413.

Importantly Norwest currently holds a 55.606% interest in EP413 that is one of the key permits in the Basin.

Norwest is the operator of the EP413 joint venture.

AWE holds a 44.252% interest with the remaining 0.142% being held by a private party.

For more details, please see attachment.

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