Norwest Energy NL has signed a farm-in agreement with Ithaca Energy Inc. on Block 11/29 in the UK North Sea.
Norwest will pay 7.5 percent of an exploration well total cost to earn a 5 percent working interest in Ithaca’s highly prospective Manuel prospect. The prospect is located approximately12 km west of the Beatrice oil field of the Inner Moray Firth basin.
The test well for the Manuel prospect was spudded on 17 February 2008, and is targeting Jurassic sands. Estimated dry hole well cost is US$17 million. Ithaca operates Block 11/29 and the Manuel test well which is being drilled through a turnkey arrangement.
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