Norwest Raises Funds for West Oz Drilling
Jan 19, 2021 6:30:am
Summary The proceeds of the placement will be used to cover the company s 20% share of drilling costs at the Lockyer Deep-1 exploration well.
by: Shardul Sharma
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Norwest Raises Funds for West Oz Drilling
Sydney-listed Norwest Energy has raised A$2mn (US$1.5mn) through a placement of shares to fund exploration activities in Western Australia’s Perth basin, it said on January 19.
The capital raised will be used to cover the company s 20% share of drilling costs at the Lockyer Deep-1 exploration well, located in Perth Basin exploration permit EP 368, the company said. The funds will also be used for planning and preparation for a 3D seismic survey across EP368 and EP426, desktop studies at TP/15, and general working capital.