3 Jan 2006drilling progress report● Neutral
Norwest's own report: Magnolia-1 at 1,380m, planned depth 3,240m, about 23 trouble-free days. Norwest holds 19.6% via Westranch, with its drilling cost share under 1% of well costs, capped at US$8 million.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2006drilling progress report● Neutral
Partner AWE repeats the Magnolia-1 status: 1,380m reached, 903m progress in the week. No new result beyond Norwest's own report.
3 Jan 2006drilling progress report● Neutral
Operator update from partner Adelphi: Magnolia-1 in AC/P32 had drilled to 1,380m with casing set, targeting Montara sands near 2,700m. Norwest, permit operator with 19.6%, is in a well that could hold 60-100 million barrels if successful.
3 Jan 2006drilling progress report● Neutral
Partner Bounty Oil & Gas repeats the Magnolia-1 status: casing run to 1,366m, drilling ahead to target levels. Duplicates information already reported by Norwest and other partners; no new result.