Norwest to Raise Capital for Australia, UK Exploration

Norwest Energy is planning to raise A$5 million through a stake sale to fund its Australian and UK exploration activities.

The company will issue up to 100 million shares at A$0.05 each. Shareholder would be eligible to apply for A$15,000 worth of shares.

Meanwhile, the company has said that inclement weather in the Cooper Basin has delayed the arrival of Halliburton hydraulic fracture stimulation equipment until mid-July for the much awaited Arrowsmith campaign.

The Arrowsmith-2 campaign will be conducted over six to eight weeks, and will involve fracture stimulation and testing gas flow rates from the following target zones: Kockatea Shale, Carynginia Formation, Irwin River Coal Measures and High Cliff Sandstone.

Once the well has been stimulated, the results from the well testing program will enable the compnay to establish the viability of the various target zones for future shale gas production.