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    Norwest Energy sells 23% stake in Perth basin permit

Summary

Norwest said this transaction enables the company to focus its financial resources on other high-impact exploration permits in Australia's Perth basin.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, Exploration & Production, Investments, News By Country, Australia

Norwest Energy sells 23% stake in Perth basin permit

Sydney-listed Norwest Energy has sold its 27.95% interest in EP413 exploration permit in Australia's Perth basin to AWE, a unit of Mitsui, it said on April 30.

AWE will pay Norwest A$100,000 ($77802.50) conditional upon completion, which is subject to regulatory approval of the transfer of interest. Upon completion, AWE will also pay for all costs and assume liabilities associated with Norwest's interest in the permit, effective February 23, 2021, and will assume operatorship of EP413.

Norwest said this transaction strengthens its balance sheet and enables the company to focus its financial resources on its three high-impact Perth basin exploration permits; EP368, EP426 and TP/15.