kennas said:1 year (with short and long term spt/resistance) below. now 17 has been broken again, it should be support.
juddy said:Gee Chops,
I hope nobody listened to your NWE ramps on other threads (they'd be pretty peeved). Looking very weak atm. Maybe a lesson there for you.
cheers
Not really.juddy said:Looking very weak atm.
chops_a_must said:Not really.
Income of more than double the present market cap is just ridiculous.
I don't think so and who cares where it comes from?juddy said:Yes, but you are looking at income over 9 years here (assuming flow rates are up to expectation). Income this year will be 7 million and given that income is from royalties only.
Given this and a long wait until real flow rates are confirmed the sp may drift into the low teens. The market reaction to the announcement on friday was a good indication that this is likely.
Like I was saying. They've found more oil at Jingemia.chops_a_must said:If it takes until first oil for the next push up, then so be it. But I don't suspect it will. News from Jingemia, Bounder and India should all help to put upward momentum on the price. Income of more than double the present market cap is just ridiculous.
Norwest back on market's radar Francine Pennington
Friday, 9 March 2007
AFTER a long dry spell, minnow explorer Norwest Energy surged ahead on the Australian Stock Exchange this week.
Norwest is hoping Wisteria will deliver good results
Shares in the company shot up 21.9% to close at 19.5c hot on the heels of a mid-week announcement that a former BHP Billiton senior management member was joining its board.
Bill Bloking has joined Norwest as a non-executive director, after recently retiring as president of Australia/Asia gas in BHP's petroleum division.
Last month, Norwest announced two pieces of news regarding its Timor Sea operations that would have renewed investor interest.
Its 2005 entry to India finally appeared to be paying dividends, after Norwest brought Indian oil giant Bharat Petroleum Corporation (BPC) into its AC/P32 permit as a farm-in partner.
In return for a 20% interest in the permit, which was where operator Coogee Resources drilled the high-profile Magnolia-1 well, BPC has agreed to pay the partners $US1.42 million ($A1.82 million) to cover the cost of previous work.
Looking ahead, the joint venture is likely to drill the Wisteria prospect, a relatively simple tilted fault block structure largely covered by 3D seismic with mean reserve potential of 45MMbbl.
Importantly, Wisteria is a less complicated structure than Magnolia.
On the weekend, Australian Minister for Trade Warren Truss mentioned Norwest in a speech made while visiting India.
"Co-operation in the oil and gas sector is another good news story in our bilateral relations," said Truss, who at the time of leading a 50-member business delegation in the country was witnessing the signing of two offshore deepwater exploration licences to Santos in India.
"[Santos'] announcement comes on the heels of other smaller Australian oil and gas exploration companies such as Oilex and Norwest working in various states in India in consortium with Indian partners."
Last month, Norwest calculated it could earn $33 million in cash flow as a result of its 1.25% royalty holder in AED Oil's Puffin oil field in the Timor Sea. Not long after announcing this news, it also picked up further exploration acreage in the chillier waters of the North Sea.
Yeah, more solid news for this minnow, but the general maket's going to drag it down through 17 cent support I think. Momentum is down now, after the Puffin upgrade which was built into the price by the look. Buy the rumour, sell the fact. Could find itself back at 15 support shortly with general market sentiment turning ugly.blues said:Interesting news from Encore last night about Block 48 & BPCL deal.
kennas said:Yeah, more solid news for this minnow, but the general maket's going to drag it down through 17 cent support I think. Momentum is down now, after the Puffin upgrade which was built into the price by the look. Buy the rumour, sell the fact. Could find itself back at 15 support shortly with general market sentiment turning ugly.
YOUNG_TRADER said:I took my money out yesterday at 17c-17.5c for a nice profit during a correction
Yep. Sure is looking pretty week.Given this and a long wait until real flow rates are confirmed the sp may drift into the low teens. The market reaction to the announcement on friday was a good indication that this is likely.
LIS, is there any chance of getting a copy? cheers.Has anyone seen the updated report from Carmichaels revising the valuation to 36.5c due to a couple of new developments....Thats double to what it is right now
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?