NORWEST Energy has farmed-in to another exploration project in the UKs North Sea, where it has agreed to contribute towards the cost to drill a well on the Manuel prospect.
In a statement today, the Perth-based company said under the farm-in it would take a 5% stake in Block 11/29 from Canada’s Ithaca Energy, in return for paying 7.5% of the exploration well, which was spudded three days ago.
Estimated dry hole well cost is $US17 million.
The Manuel prospect is located about 12km west of the Beatrice oil field in the Inner Moray Firth basin.
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