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post Posted: Feb 25 2010, 07:21 PM
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In Reply To: TradeMad's post @ Feb 25 2010, 06:27 PM

History says yes , but we`ll just have to wait and see. Only holding a small parcel for now.

Cheers Radd.

All things are difficult before they are easy,Keep your mind focused on your goals and you will acheive them!
post Posted: Feb 25 2010, 06:27 PM
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hi...are we in for another Paterson's pump and dump ??


post Posted: Feb 12 2010, 03:07 PM
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In Reply To: bam_bamm's post @ Feb 12 2010, 01:17 PM

with so many shares on issue it will take some amazing results to get us back to 30cps thats for sure but with the recent accumulation of acerage at least they are doing something but not enough to make us shareholders any capital gain thumbdown.gif

Time will tell!
post Posted: Feb 12 2010, 01:17 PM
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In Reply To: alonso's post @ Feb 12 2010, 01:15 PM

the only future prospect i think this has for me is a capital loss thumbdown.gif


post Posted: Feb 12 2010, 01:15 PM
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In Reply To: boe's post @ Feb 12 2010, 01:13 PM

Is there anybody here who still thinks this has a future?

"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
post Posted: Feb 12 2010, 01:13 PM
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T10 once and have been dilouted down to FA since 05.
Don't worry about sending the hat around here to feed the staff.
(contructive i know!)


post Posted: Feb 12 2010, 01:06 PM
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T/H....proposed capital raising.

here comes the increase in director salaries


post Posted: Feb 3 2010, 04:41 PM
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In Reply To: Bazza's post @ Jan 28 2010, 09:39 AM

for those interested check out this report by Peter Strachan -

Said 'Thanks' for this post: Commander C  radd  
post Posted: Jan 28 2010, 09:39 AM
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In Reply To: veeone's post @ Jan 28 2010, 08:40 AM

at $87500 for an approx 50% increase in equity in the lease suggests someone has a low opinion of the leases potential

post Posted: Jan 28 2010, 08:40 AM
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It may be keen to build an exploration business in southern England but Norwest Energy has no intention of turning its back on its home territory. The Australian explorer has just signaled its commitment to the North Perth Basin in Western Australia by agreeing to pay A$87,500 to buy Origin Energy’s stake in the EP413 permit.
The move increases Norwest’s equity in the exploration acreage, which surrounds the producing Jingemia oilfield, from 1.278 per cent to 50.467 per cent. Norwest also intends to take on some of ROC Oil’s 0.25 per cent interest in the permit, which will lift its stake to 50.593 per cent.
These opportunities arose as Origin and ROC considered their options for the acreage, where activity had been suspended until the joint venture reached agreement on their next move. The rest of the JV - ARC, Victoria Petroleum and Geary – will need to approve Norwest’s acquisition and agree to drill one well on the permit by February 2011 to move this project forward. For its part, Norwest believes there is potential on the permit: it hopes to find a lookalike of the Jingemia field, in which it has a 1.278 per cent interest that delivers net production of around 480 barrels per day and revenues of around A$40,000 a quarter. Norwest is certainly keen to use the drillbit to chase down potential on some of its other acreage in the vicinity. It recently announced its intention to make the Xanadu and Redhill South prospects on TP15 the prime targets of its 2010 drilling campaign. Norwest holds 100 per cent of this underexplored coastal permit, where a recent airborne survey confirmed the structural integrity of the two prospects. Xanadu has the potential to hold 98 million barrels of oil in place, of which 27 million barrels would be recoverable, in the High Cliff Sandstones and Wagina Sandstones, the producing reservoirs for several fields in the area including the 60 million barrel Cliff Head offshore oilfield some 10 km to the north-west. Norwest believes this geological look-alike of ROC’s Cliff Head field has been overlooked because of the complex geology and the limited seismic data covering this coastal permit. Red Hill South is smaller, with the potential to hold 27 million barrels of oil in place, of which seven million could be recoverable, making it about the same size as the nearby Jingemia oilfield. Although smaller in size than Xanadu, Red Hill South is better defined and will be easier and cheaper to drill. Both prospects can be drilled from an onshore site using deviated drilling techniques, which should help keep costs down. Even so, Norwest intends to bring in a farm-in partners ahead of drilling, which needs to get underway in Q4 2010 to meet the permit obligations. Chief executive Peter Munachen said farm-in negotiations had gathered pace following the recent interpretation of the full tensor gravity survey data. “We are in advanced discussions with a number of companies, both international and local,” he said.
Norwest also has a 20 per cent interest in the EP 368/426 permits, which are about 40 km inland and home to the North Erregulla oil prospect. Results from the airborne survey are still being processed and should be ready soon. The North Erregulla structure, which straddles both permits, contains several prospective reservoirs that are proven producers elsewhere in the Basin. The operator, Empire Oil, has said that if filled to spill point, the North Erregulla prospect has the potential to have trapped up to 28 million barrels of recoverable oil. This could, if proven by the drillbit, prove material. First, however, investors will be keen to hear drilling plans for EP413, progress towards drilling Xanadu and Red Hill South, and how the company plans to finance all this. Should it bag suitable farm-in partners and financing, then the company could deliver an exciting drilling programme that opens up a new front in the exploration history of the North Perth Basin.

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