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- Share in Perth Basin oil and gas explorer Norwest Energy (NWE) soar as Lockyer Deep-1 conventional gas discovery well is expected to exceed pre-drill forecasts
- Petrophysical analysis of wireline data confirms exceptional reservoir quality in Kingia Sandstone
- This discovery is expected to exceed Norwest’s pre-drill high-case prospective resource for Kingia and High Cliff combined
- The well is now being completed for production testing
- On the market, Norwest was up 59.5 per cent and is trading at 3.4 cents per share
Norwest Energy’s (NWE) Lockyer Deep-1 conventional gas discovery is expecting to exceed pre-drill expectations.
Lockyer Deep-1 is located within exploration permit, EP368, and is a joint venture between Norwest and Energy Resources.
Petrophysical analysis of wireline data confirms exceptional reservoir quality in Kingia Sandstone.
The analysis showed a 34-metre gross pay interval at the top of the Kingia Sandstone, between 3888 and 3922 metres.
This net gas pay is 20.2 metres with an average porosity of 16 per cent and average permeability 500 millidarcies.
Notably, this discovery is expected to exceed Norwest’s pre-drill high case prospective resource for Kingia and High Cliff combined.
Managing Director Iain Smith said the Lockyer Deep-1 discovery is a great outcome for Norwest.
“The upper Kingia pay interval is arguably the highest quality reservoir encountered thus far within the deep Permian gas play of the north Perth Basin, and this fact combined with an inferred significant gas column gives us good reason to believe that the structure hosts gas resources that are greater than our pre-drill High Case prospective resource.
“Such an outcome happens only very rarely in our industry, and we now look forward to production testing of what we expect to be a very high deliverability reservoir.”
The well is now being completed for production testing.
On the market, Norwest was up 59.5 per cent and is trading at 3.4 cents per share at 10:08 am AEST.
