🕐16.03.10 - 04:48 Uhr

Norwest Energy [ASX: NWE] - Puffin field update, Timor Sea



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Norwest Energy [ASX: NWE] - Puffin field update, Timor Sea

Norwest Energy NL (NWE: ASX) advises that AED Oil (ASX: AED) is in the final stages of recording 3D seismic over the Puffin field in the Timor Sea as it works on establishing new drilling targets and a revised field development plan.

In the company�s half-year report, AED said the acquisition of 3D seismic over AC/P22 would assist in defining future exploration, appraisal and development plans for Puffin.

AED and its partner Chinese major Sinopec are working on a revised field development plan to re-establish production from the Puffin filed.

Production from Puffin has been suspended since last May after Sinopec and AED terminated Sea Production�s charter contract for the use of the Front Puffin floating, production, storage and offtake vessel for alleged breaches related to occupational health, safety and the environment.

AED has a 40% stake in the Puffin field while Chinese major Sinopec has 60%.

Norwest Energy has a 1.25% over-riding royalty interest which covers the entire AC/P22 permit and any production derived within the bounds of the permit.

For further information, please contact:

Peter Munachen or Ernie Myers
+61 8 9227 3240 or email

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Fortbridge on +61 2 9331 0655
Steve Rotherham on +61 421 488 320



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