Norwest Energy (ASX:NWE) through its wholly owned subsidiary NWE Mirrabooka (UK) Pty Ltd ( NWE Mirrabooka ), has commenced the acquisition of a 50km seismic survey. The survey is being undertaken at onshore UK, Isle of Wight PEDL 239 and is designed to detail the Razorback prospect.
The Razorback prospect is located centrally on the Isle of Wight, is Norwest’s highest ranked prospect in PEDL 239 and is estimated to contain 43 MMbls oil in place (P50). The primary target is the Triassic Sherwood Sandstone and the secondary target is the Jurassic Oolite reservoir. The Razorback prospect is located to the east of and relatively close to the giant Wytch Farm field.
The identification of the Razorback prospect is the culmination of over 3 years of extensive technical work mapping the migration pathways, reservoir distribution, seal quality and structural history of PEDL 239 and surrounding regions. Razorback appears to be favorably located, however the prospect is defined by a coarse 2D seismic grid. The current survey will infill this coarse grid and should provide sufficient detail to confidently demonstrate the prospects structural integrity.
Prior to commencing the seismic acquisition survey, recording parameters were tested and subsequently processed to optimize data quality. Early indications show that a significant improvement could be anticipated in seismic data quality from previous seismic surveys in the area. The joint venture partners in PEDL 239 are: NWE Mirrabooka (UK) Pty Ltd 75% Wessex Exploration 25% NWE Mirrabooka ( Norwest) and its partner Wessex Exploration now have a large footprint in the Wessex basin both onshore and offshore. Evaluating the Razorback prospect is an important component in the plan to explore and maximize the value of this acreage. The survey is expected to take approximately 2 weeks.