The company managed to acquire a minor interest in the Jingemia Oil Field, which is currently flowing at around 1,900bopd during an extended flow test.
The field is located in EP-413 about 24km south of the Dongara Oil and Gas Field and 30km from the Cliff Head Oil Field in which the company has a 5% interest.
Norwest agreed to purchase a 1.278% interest in the Jingemia Oil Field for $702,000 and as part of the deal Norwest will receive its share of revenue from the Jingemia Oil Field from 9th June 2003.
Pending necessary Government approvals it is expected that the Jingemia 2 appraisal well will begin during the September quarter.
To fund the interest in the Jingemia field the company accepted an offer from a wholly owned subsidiary of Roc to acquire from Norwest Energy the company’s 7.5% working interest in WA-226-P, located about 230km northwest of Geraldton.
The option was granted in consideration for Roc funding up to $525,000 of the recently completed MaCallan 3D Seismic Survey. In the event that Roc exercises its option, it will be required to pay Norwest a further cash payment up to $575,000.
As part of a joint venture group Norwest has also applied for a petroleum exploration permit over gazetted area L02-6. If successful the company will have 33 1/3% equity over this prospective portion of the Perth Basin, Western Australia.
