Norwest Energy Provides Lockyer Deep-1 Operational Update

Source: 8/5/2021, Location: Not categorized

Further to the recent operational update as provided in the Company's Quarterly Activities Report of 30 July 2021, Perth Basin oil and gas exploration company Norwest Energy NL (“Norwest” or the “Company”) provides the following update regarding operations at the Lockyer Deep-1 conventional gas exploration well.

Configuration and testing of the blowout preventer (BOP) by rig contractor Ensign has not achieved the required outcome for drilling to proceed. Ensign has sourced replacement parts which are expected to arrive on site within the next five days, including a replacement BOP as a contingency measure. Once the BOP issue is resolved drilling operations will resume, with the Company's next scheduled operational update to now occur when drilling has recommenced in the 12-1/4" hole from the surface casing shoe at 1,205 metres depth (MDRT). With the ongoing support of the contractor group to minimise costs through this period, the current delay will not materially impact the cost of the Lockyer Deep-1 drilling program.

Lockyer Deep-1 is planned as a 4,185 metre well, designed to test a large structure at the Kingia and High Cliff formations - on trend with the significant discoveries made thus far within the emerging Permian deep gas play of the north Perth Basin.

Lockyer Deep-1 is situated within Exploration Permit EP368, a joint venture between Norwest (20%) and Energy Resources Limited (80% and Operator). Energy Resources Limited is a division of Mineral Resources Limited.

About Lockyer Deep-1
The Lockyer Deep-1 well location has been selected to test a very large, fault-closed three-way dip structure at the Kingia and High Cliff levels within the Permian gas play's "sweet spot". Drilling at Waitsia, West Erregulla and Beharra Springs Deep has resulted in three substantial gas discoveries from three exploration wells.

The Geological Chance of Success (GCoS) for Lockyer Deep-1 is estimated by Norwest Energy to be 38%, and the Company's estimate of prospective resources for the Lockyer Deep/North Erregulla Deep combination structure.

The quoted High Case represents an area of some 67 km2. In addition the structure extends further downdip to the northeast of this area and the maximum area within structural closure may be as large as 108 km2. Additional hydrocarbon potential exists within the Wagina Formation; a shallower, secondary target that encountered gas pay at West Erregulla-2 and which produces gas at the Beharra Springs field.

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