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Perth Basin oil and gas explorer () will raise $1.3 million through a placement and fully underwritten rights issue pitched at $0.0025 a share.
The timing is good as Norwest has a busy calendar with three Perth Basin projects ready for drilling.
The funding will be used for its mix of both conventional and unconventional plays that make for interesting times ahead for Norwest shareholders.
These include the conventional gas play the Lockyer Deep prospect; the Xanadu conventional prospect which is likely to be farmed out by Norwest and the well known unconventional Arrowsmith-3 gas project.
Success at the latter would see likely commercial development of the Arrowsmith Field.
The Lockyer Deep-1 will have its share of admirers given potential for the Waitsia gas discovery to extend into EP368 Norwest has a 20% interest.
All up any commercial discoveries would be well received given existing pipeline infrastructure servicing the under-supplied Western Australian domestic gas market.
Argonaut Capital will place 200000000 shares at $0.0025 per share to raise $500000.
A one for five entitlement issue would raise $820228 with the issue of 328091000 shares at an issue price of $0.0025 per share.
The entitlement issue will close on 21 December 2015.
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