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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 Posted in: 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. ....