Norwest withdraws from Perth basin block
Australia’s Norwest Energy has withdrawn from permit EP 437 in the onshore Perth basin due to unacceptable levels of risk.
The company said that the leads identified in the block carried unacceptable levels of risk for their small potential sizes.
The Arc Energy-operated EP 437 lies immediately northwest of the L1/L2 production licences and contains similar geological structures to the recent oil discoveries at Jingemia and Eremia.
Numerous oil and gas shows have been encountered in previous drilling on the permit though none of the wells have been drilled on valid structural closures. The south part of the permit is covered by a sparse gird of seismic that has identified several possible leads.
The remaining partners in EP 437 is CalEnergy Gas.