Breakeven Date Change • Apr 27
Forecast to breakeven in 2025 The 2 analysts covering Norwest Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$32.9m in 2025. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 16
Forecast to breakeven in 2025 The 2 analysts covering Norwest Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$14.9m in 2025. Average annual earnings growth of 69% is required to achieve expected profit on schedule. Recent Insider Transactions Derivative • Feb 21
MD & Director exercised options to buy AU$1.3m worth of stock. On the 20th of February, Iain Smith exercised options to buy 20m shares at a strike price of around AU$0.064, costing a total of AU$1.3m. Since June 2022, Iain's direct individual holding has decreased from 7.34m shares to 0. Company insiders have collectively bought AU$7.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Feb 08
MD & Director exercised options to buy AU$8.6m worth of stock. On the 6th of February, Iain Smith exercised options to buy 124m shares at a strike price of around AU$0.026, costing a total of AU$3.2m. This transaction amounted to 1,696% of their direct individual holding at the time of the trade. Since June 2022, Iain has owned 7.34m shares directly. Company insiders have collectively bought AU$6.3m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 23
Norwest Energy Nl Announces Ensign Rig 970 Contracted for Lockyer Drilling Program Norwest Energy NL advised that joint venture operator Energy Resources Limited ("EnRes") has executed a drilling contract with Ensign Australia Pty Ltd. ("Ensign") for Ensign's Rig 970. The first two wells to be drilled with Ensign Rig 970 will be Lockyer-2 and North Erregulla Deep-1, for which the well pads are nearing completion and final regulatory approvals are well advanced. These two wells will be drilled back-to-back with the spudding of Lockyer-2 targeting late March 2023, after mobilisation of rig to the North Perth Basin from the Northern Territory. Spudding of the North Erregulla Deep-1 well will follow immediately upon completion of drilling operations at Lockyer-2. Breakeven Date Change • Jan 13
Forecast to breakeven in 2025 The 2 analysts covering Norwest Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$14.9m in 2025. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Bruce Frederick Clement was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target increased to AU$0.06 Up from AU$0.05, the current price target is provided by 1 analyst. New target price is 22% above last closing price of AU$0.049. Stock is up 104% over the past year. The company posted a net loss per share of AU$0.00034 last year. Announcement • Oct 07
Norwest Energy NL Announces Ringneck Seismic Confirms Significant New Gas Lead Norwest Energy NL announced that the Company has received final processed deliverables from the Ringneck 2D seismic survey and has incorporated the data into its subsurface interpretation of both the Lockyer Deep gas discovery and the area immediately to the southeast. The Ringneck 2D seismic survey was completed in late March 2022 by Operator Energy Resources Limited, with the successful acquisition of 148 line kms of seismic data on time, under budget and with zero injuries. The survey focused primarily on an area to the southeast of the giant Lockyer Deep/North Erregulla Deep structure. with two lines also acquired across the greater Lockyer Deep/North Erregulla Deep structure. Lead E: The new data complements the existing 2D seismic dataset across permits EP426 and EP368, and the updated interpretation reveals a series of faulted structural highs, known as Lead E, that are located immediately northeast of the West Erregulla gas field and that abut the southern end of the greater Lockyer Deep/North Erregulla Deep structure. Lead E is favourably located on the likely gas migration path between the gas "kitchen" to the southeast, and the Lockyer Deep-1 discovery some 15km to the northwest. Based on a closing contour estimated at 4,950 metres depth, Lead E covers an area of approximately 74 km2 within permits EP426 and EP368 (primarily in EP426). At this stage further geological studies are required to mature Lead E to a drillable prospect, supported by additional data that will be acquired over the northern part of Lead E by the Rococo 3D seismic survey. Lockyer: The two additional seismic lines acquired across the greater Lockyer Deep/North Erregulla Deep structure provide valuable additional data. Norwest has made minor revisions to its interpretation of the overall structure, with the structure's area above the (estimated) 4,560 metres free-water line now approximately 102 km2 (previously 100 km2). The new seismic line in the vicinity of the North Erregulla Deep-1 well location. Announcement • Sep 15
Norwest Energy NL, Annual General Meeting, Nov 22, 2022 Norwest Energy NL, Annual General Meeting, Nov 22, 2022, at 10:00 W. Australia Standard Time. Location: The Park Business Centre, 45 Ventnor Avenue, West Perth Western Australia Australia Announcement • Jun 21
Norwest Energy NL Provides Update Regarding its Lockyer Deep-1 Conventional Gas Discovery Norwest Energy NL provided the following update regarding its Lockyer Deep-1 conventional gas discovery. Geological Evaluation A comprehensive analysis of all data gathered during the Lockyer Deep-1 drilling program has now been completed, with a number of key findings as below: Semi-qualitative rock typing of drilling cuttings indicates that additional gas pay may exist, over and above that identified via preliminary petrophysical analysis, with potentially effective reservoir down to 4,085 metres (MDRT, assuming a 9% porosity cut-off). Average porosities within the Upper Kingia perforated interval (4,041.5m to 4,066.75 metres, MDRT) are estimated to range between 13% to 21%. Consistent with the regional Kingia geological play, the presence of clay-coated grains combined with large grainsize and high sediment maturity has resulted in the retention of significant original porosity and permeability. Comprehensive analysis of pressure data from Lockyer Deep-1 and available offset wells supports an indicative Free Water Level range (FWL) between 4,458 metres and 4,620 metres, with a best-estimate case at 4,560 metres. As a result of the estimated deeper FWL and based on Norwest's post-drill structural interpretation, the potential resource area is increased to 100km2 (previously 92km2). Well Test Analysis Well testing operations were completed during March 2022, with a six-day test program confirming exceptional well deliverability, reservoir quality and high quality gas composition across a 25-metre interval of the Kingia Sandstone (4,041.5m to 4,066.75m, MDRT). A maximum sustained flow rate of 102 MMscf/d (million standard cubic feet per day) was achieved through a 76/64" choke, with a maximum instantaneous gas flow rate of 117 MMscf/d; one of the highest rates recorded onshore Australia. Subsequent analysis confirms that the testing objectives were met, with a high quality dataset recorded. Key insights from this analysis include: Absolute Open Flow rate for Lockyer Deep-1 (i.e. unconstrained by tubing) estimated at 190 MMscf/d. Estimated 70 Bcf to 110 Bcf gas-in-place connected to the Lockyer Deep-1 well within the well test maximum radius-of-investigation, representing an area of approximately 3km2. Sand production occurred only at flow rates in excess of 50 MMscf/d, with no sand produced during the extended flow period which was conducted at lower rates. High quality gas; estimated 87.5% methane and 3.9% CO2. Estimated well-stream Condensate-Gas-Ratio of 3.2 bbls per MMscf. Appraisal Planning Having commenced ordering long lead items early in 2022 the Joint Venture is preparing for a drilling program across the broader Lockyer Deep/North Erregulla Deep structure, targeting commencement of a two well back-to-back program in Fourth Quarter CY2022, subject to the necessary land access agreements, regulatory approvals and rig availability. North Erregulla Deep-1 is designed to test the structural high located some 8.5km to the southeast of Lockyer Deep-1. NED-1 is conservatively regarded as an exploration well (rather than appraisal) due to the distance from Lockyer Deep-1 and the possibility of fault compartmentalisation between the two well locations. Such compartmentalisation may be present but is not clearly definable on the existing 2D seismic data. The Lockyer-2 well location is situated downdip and to the northeast of Lockyer Deep-1. The purpose of Lockyer-2 is to test the downdip presence of gas within the Kingia Formation. Lockyer-3 and Lockyer-4 wells are also in the planning stage, with final locations and timing to be confirmed based on the results of the first two wells, and subject to the necessary land access agreements, regulatory approvals and rig availability. The 385km2 Rococo 3D seismic survey is targeted to commence in December 2022 and is estimated to take approximately four months to complete. The purpose of the survey is to provide a high resolution and high quality subsurface view of the Lockyer Deep discovery, providing valuable insight to the detailed subsurface form of the discovery to guide later appraisal/development drilling, reserves definition and development planning. Exploration The Ringneck 2D seismic program was completed in March 2022 and was designed to provide additional seismic coverage of the area to the southeast of Lockyer Deep/North Erregulla Deep, in the vicinity of a prominent gravity anomaly that may be indicative of basement structuring that sets up a suitable hydrocarbon trap at the Upper Permian level. Additionally 2D seismic data was acquired across the Lockyer Deep/North Erregulla Deep structure to support the pending drilling program prior to the completion of the Rococo 3D survey. The 2D seismic data is presently being processed by Earth Signal Processing Ltd. After initial processing the data will be put through a Pre-Stack Time Migration processing flow with the final processed data now estimated to become available by early September 2022. Announcement • May 06
Norwest Energy NL, Annual General Meeting, Jun 07, 2022 Norwest Energy NL, Annual General Meeting, Jun 07, 2022, at 14:00 W. Australia Standard Time. Location: The Park Business Centre, 45 Ventnor Avenue West Perth Western Australia Australia Agenda: To consider the Ratification of prior issue of Securities; to consider Award of Performance Rights to Related Party Mr. Iain Peter Smith; and to discuss other matters. Price Target Changed • Apr 27
Price target increased to AU$0.05 Up from AU$0.04, the current price target is provided by 1 analyst. New target price is 52% above last closing price of AU$0.033. Stock is up 450% over the past year. The company is forecast to post earnings per share of AU$0 next year compared to a net loss per share of AU$0.000092 last year. Announcement • Apr 06
Norwest Energy NL announced that it expects to receive AUD 15.363003 million in funding Norwest Energy NL announced a private placement of up to 465,545,550 shares at an issue price of AUD 0.033 per share for gross proceeds of AUD 15,363,003 on April 6, 2022. The transaction is expected to close on April 13, 2022. Announcement • Apr 03
Norwest Energy NL Provides Update on Kingia Sandstone Norwest Energy NL provided the following update regarding production testing operations at its Lockyer Deep-1 conventional gas discovery well Operator Energy Resources Limited (ERL) commenced production testing operations on 25 March 2022, with an extended test program designed to determine well deliverability, reservoir quality and gas composition across a 25 metre interval of the Kingia Sandstone (4041.5m to 4066.75m, MDRT). The initial clean-up flow period ran for several hours, during which flow was increased through a number of increasing choke settings. A maximum sustained flow rate of 102 mmscfd (million standard cubic feet per day) was achieved through a 70/64" choke, with a maximum instantaneous gas flow rate of 117 mmscfd; through a 76/64" choke; one of the well-test rates recorded onshore Australia. Since that time ERL has successfully completed an extended flow test through to 31 March 2022, with the well now planned to be shut-in for a period of approximately six days in order to monitor pressure build- up. Thereafter the downhole pressure gauges will be retrieved and the well will be suspended for future completion as a production well. Announcement • Mar 31
Norwest Energy NL Provides the Update Regarding Seismic Operations Within the EP368 and EP426 Exploration Permits Norwest Energy NL provided the following update regarding seismic operations within the EP368 and EP426 exploration permits. Acquisition of the Ringneck 2D seismic survey has been completed by Operator Energy Resources Ltd. and seismic contractor Terrex Seismic, with the successful acquisition of 148 line kms of seismic data focused primarily on the southeast area of the Lockyer Deep gas field. Of particular interest is Norwest Energy's "Lead E". Existing data in the area is sparse and of relatively low quality, however a structural feature is mapped in the area independently by other operators in the basin. The purpose of the new Ringneck seismic data is to provide additional coverage with improved modern high quality data, in order to better define potential appraisal well locations and any new structural traps for consideration for future exploration drilling. Preliminary processed seismic data is expected to become available within four months, whereupon the data will be incorporated into Norwest Energy's regional structural interpretation and the EP426 Joint Venture will consider whether valid targets for drilling are present in the area. Announcement • Mar 28
Norwest Energy NL Updates Regarding Operations At Lockyer Deep-1 Conventional Gas Discovery Well Perth Basin oil and gas company Norwest Energy NL provided the following update regarding operations at its Lockyer Deep-1 conventional gas discovery well, further to the Company's announcement of 14 March 2022. Operator Energy Resources Limited (ERL) commenced production testing operations on 25 March 2022, with a six day test program designed to determine well deliverability, reservoir quality and gas composition across a 25 metre interval of the Kingia Sandstone (4041.5m to 4066.75m, MDRT). The initial main flow period ran for several hours, during which flow was increased through a number of increasing choke settings. A maximum sustained flow rate of 102 mmscfd (million standard cubic feet per day) was achieved through a 76/64" choke, with a maximum instantaneous gas flow rate of 117 mmscfd; one of the highest rates recorded onshore Australia. With a well head pressure of 3,618 psi the well was clearly capable of higher rates of delivery, however the main flow period was stopped at this point due to indications of sand being produced to surface. Sand production is to be expected at such exceptionally high flow rates and the produced sand was captured by the installed sand filtration system. As with the Waitsia development wells, future Lockyer Deep production wells will likely be completed with appropriate sand control measures in place in order to maintain long term reservoir and well integrity. Condensate was produced throughout the main flow period, with a preliminary CGR (Condensate-Gas Ratio) of between 5 to 6 barrels per mmscf gas offering significant value upside. CO2 is low, at 2% to 2.5%, and H2S is just 3ppm to 7ppm. Testing operations have continued over the weekend and will run for another few days in order to gather essential reservoir and pressure data before the well is shut in for a pressure build-up period. Thereafter the pressure gauges will be retrieved and the well suspended for future completion as a production well. Announcement • Feb 16
Norwest Energy NL Provides Update Regarding Operations At its EP 368 and EP 426 Exploration Permits Norwest Energy NL provided update regarding operations at its EP 368 and EP 426 exploration permits. Lockyer Deep-1 well during the week commencing 14 February 2022, in order to prepare the well for production testing and obtain a sample of gas from the Kingia reservoir for compositional analysis. The testing program is currently scheduled to commence on or around 9 March 2022, after mobilisation to site of the testing crew and equipment from Buru Energy's Rafael-1 operations in the Canning Basin. The Lockyer Deep-1 well test is estimated to take approximately two weeks to complete.ERL has received environmental approvals from the Department of Mines, Industry Regulation & Safety, and has secured land access agreements to conduct the Ringneck 2D seismic program. ERL expects to receive the remaining approvals for the Ringneck 2D program during the week commencing 14 February 2022. Equipment for the Ringneck 2D program will begin to arrive on site from 16 February 2022 and the 148 line kms survey will commence on 24 February 2022. Announcement • Jan 07
Norwest Energy NL Provides Lockyer Deep-1 Well Testing Update Norwest Energy NL provided update regarding operations at the Lockyer Deep-1 conventional gas discovery well. The Cement Bond Log (CBL) and Vertical Seismic Profile (VSP) were acquired in late December 2021, with the CBL confirming that the remedial cementing operations have achieved a satisfactory cement job, in line with expectations. The test tree has now been installed on the wellhead and perforating guns have been procured. The forward plan is to perforate the well in preparation for the well testing operation, which will be undertaken once the well test equipment package is available. The precise timing of testing operations remains to be confirmed, subject to securing the necessary personnel and equipment. While Western Australia border controls are presenting challenges in this regard, Operator Energy Resources Limited is targeting commencement of operations before end of February 2022. Announcement • Sep 23
Norwest Energy NL Provides Update on Recent Completion of Wireline Logging Operations at the Lockyer Deep-1 Conventional Gas Discovery Well Norwest Energy NL provided update further to recent completion of wireline logging operations at the Lockyer Deep-1 conventional gas discovery well. The EP368 Joint Venture's petrophysical analysis of the Kingia Fm. confirms a 34 metre (TVD) gross pay interval at the top of the Kingia Sandstone, between 3,888 metres and 3,922 metres (TVDSS), with gas interpreted down to low
permeability or tight rock (i.e. no gas water contact). Based on an 8% porosity cutoff, net gas pay within this interval is 20.2 metres (TVD), predominantly within the upper section. This net pay zone is of exceptional quality, with average porosity of 16% and average permeability estimated at 500 Millidarcies. The maximum measured porosity is 28%. Reservoir pressure at the top of the pay interval is 6,514 psi. A well-defined gas gradient was measured through the pay interval which, combined with the regional water gradient, indicates the presence of an up to 800 metre gas column (from the North Erregulla crestal location) down to a Free Water Line at approximately 4,500 metres. Norwest Energy regards this as remarkable as it confirms the fault-seal integrity of the structure's main bounding faults, regardless of orientation and despite a very significant gas column. This result substantially upgrades the additional prospectivity identified within EP368 and EP426, including Lead D (20 km2) directly to the northeast. Based on a gas column of up to 800 metres the indicative areal extent of the discovery is approximately 66 km2, with an additional 22 km2 of low-risk upside in the downthrown fault block to the south of the North Erregulla culmination. The associated preliminary estimate of gas resources within the Kingia 66 km2 area alone is believed to exceed the Company's pre-drill High Case prospective resources for the Kingia and High Cliff combined. The remaining 13.8 metres within the gross Kingia pay interval includes sandstones with porosity less than the 8% cutoff. While these sandstones are not regarded as conventional pay, the company believes they may well provide incremental recoverable gas resources through secondary charge of the overlying high quality pay zone. Further study is required in this regard. Announcement • Sep 03
Norwest Energy NL announced that it has received AUD 2.75 million in funding from Mineral Resources Limited On September 3, 2021, Norwest Energy NL closed the transaction. Announcement • Aug 30
Norwest Energy NL announced that it expects to receive AUD 2.75 million in funding from Mineral Resources Limited and other investors Norwest Energy NL announced a private placement of not more than 343,750,000 shares at a price of AUD 0.008 per share for gross proceeds of AUD 2,750,000 on August 30, 2021. The transaction will include participation from sophisticated and professional investors including returning investor, Mineral Resources Limited. The company will pay fees and brokerage of 6%. The transaction is expected to close on September 2, 2021. Announcement • Jul 15
Norwest Energy NL Announces Ensign 970 Rig Has Completed Mobilisation to the Lockyer Deep-1 Well Location Norwest Energy NL announced that the Ensign 970 rig has completed mobilisation to the Lockyer Deep-1 well location. The "Rig-Up" process is underway and Norwest's next scheduled announcement regarding the drilling program will occur upon spudding of the well. Lockyer Deep-1 is located within Exploration Permit EP368, a joint venture between Norwest (20%) and Energy Resources Ltd. ("ERL", 80% and Operator). ERL is a division of Mineral Resources Ltd. The Lockyer Deep-1 well location has been selected to test a very large, fault-closed three-way dip structure at the Kingia and High Cliff levels within the Permian gas play's "sweet spot". Drilling at Waitsia, West Erregulla and Beharra Springs Deep has resulted in three substantial gas discoveries from three exploration wells. The Geological Chance of Success (GCoS) for Lockyer Deep-1 is estimated by Norwest Energy to be 38%, and the company's estimate of prospective resources for the Lockyer Deep/North Erregulla Deep combination structure is summarised in Table 1 for the Kingia and High Cliff targets combined. The quoted High Case represents an area of some 67 km2. In addition the structure extends further downdip to the northeast of this area and the maximum area within structural closure may be as large as 108 km2. Additional hydrocarbon potential exists within the Wagina Formation; a shallower, secondary target that encountered gas pay at West Erregulla-2 and which produces gas at the Beharra Springs field. Announcement • Jan 20
Norwest Energy NL announced that it expects to receive AUD 2 million in funding from Mineral Resources Limited, 3C Group Ic Limited, Sundowner International Ltd., and other investors Norwest Energy NL (ASX:NWE) announced a private placement of 333,333,340 shares at issue price of AUD 0.006 per share for gross proceeds of AUD 2,000,000 on January 19, 2021. The transaction includes participation from sophisticated and institutional investors including returning investors, Mineral Resources Limited (ASX:MIN), 3C Group Ic Limited, and Sundowner International Ltd. The transaction is expected to close on January 28, 2021. Reported Earnings • Oct 01
Full year earnings released - AU$0.0019 loss per share Over the last 12 months the company has reported total losses of AU$7.85m, with losses widening by AU$6.94m from the prior year. 
