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Norwest Energy Announces Placement to Raise A$1 Million

Source: www.gulfoilandgas.com 10/18/2017, Location: Not categorized

Norwest Energy NL has received irrevocable commitments from sophisticated and professional investors for a placement of up to approx. 250 million shares at an issue price of $0.004 per share to raise up to A$1 million (before costs).

The Placement ensures Norwest is funded to continue to progress its portfolio of assets, including further evaluation and appraisal of the Xanadu Discovery, and the EP368 drilling commitment well, Lockyer-Deep-01, currently planned for H1FY2018.

The new shares to be issued under the Placement will be conditional on shareholder approval at the Company’s upcoming Annual General Meeting, due to be held in late November.

Norwest’s Chief Executive Officer, Shelley Robertson,commented:

'This Placement follows the Company’s successful Xanadu-1 well, which resulted in Norwest having lodged a Xanadu Oil Field Discovery Notice with the Minister of Mines, and the Joint Venture electing to proceed with further appraisal of the Xanadu Field.

We are delighted that the team’s patience and hard work has been rewarded thus far with promising signs from Xanadu-1 and with renewed investor support. The past 18 months has been a very challenging environment for oil and gas companies, and for us to be able to secure this investment so quickly reinforces to me that we are on the right path.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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