Norwest Energy Publishes Details Of Funding Update And Board Changes

  • Apr 03, 2019 AEDT
  • Team Kalkine
Norwest Energy Publishes Details Of Funding Update And Board Changes

Norwest Energy NL (ASX: NWE) explores for petroleum both offshore and onshore. The Company's predominant regions of operation are the northern Perth Basin and onshore southern England's Wessex Basin.

The company, today on 3rd April 2019, has updated that it has executed binding documentation with Sundowner International Limited (Sundowner) for a convertible loan facility of up to $500,000, with an option (at Sundowner's election) to extend that amount to up to $1,500,000.

The Loan Facility has a term of 12 months, and this will accrue interest at the rate of 8% per annum and can be converted at Sundowner's election at a fixed price of $0.0025 or, at the Company’s election, at a fixed price of $0.002.

It is hereby noteworthy that, Sundowner is a related entity of the Company’s director Mr. David Kennedy.

The Company’s Non-Executive Chairman, Ernie Myers, commented that the management is pleased to have secured this facility, as it provides the Company with optionality while providing sufficient funding throughout the forthcoming 3D seismic campaign over the Xanadu oil discovery, and beyond.

As regards some Strategic Update, since the company’s corporate and project level review, the Company has received multiple indicative, confidential, and non-binding Proposals from other listed and non-listed companies interested in either acquiring some of or all of the Company’s asset portfolio. Although the Board has engaged with these parties until now those discussions have not resulted in commercial terms that the Board regards as favourable to the Company's shareholders. Specifically, the Board is of the view that while these discussions have been positive and held in good faith on all sides, the Company’s recently declining cash position and uncertain ability to meet its near-term project commitments has resulted in bidders discounting the value of the Company and its portfolio of projects.

Concerning the Board Changes, The Company has today accepted the resignation of Managing Director and CEO, Mrs. Shelley Robertson, who is leaving in order to take up a senior leadership role with a large, Perth-based ASX-listed resources company. Mrs. Robertson joined the Company in 2011, and since that time has been instrumental in progressing the Company’s portfolio of projects, in particular, the Company’s TP/15 Xanadu project.

As a result of Mrs. Roberton’s resignation, the Company has appointed Mr. Iain Smith as Managing Director of the Company. Mr. Smith has impeccable credentials, a thorough knowledge of the Perth Basin and is well-experienced in the management of ASX-listed oil and gas companies.

On the stock-performance front, the stock has posted the year till date return of 25%. The company also has posted returns of -16.67% & 25% & over the past six & three months respectively. At the time of writing, i.e., on 3rd April 2019 AEST 03:11 P.M, the stock of the company last traded at a price of A $0.002, with a market capitalisation of ~A$ 6.76 Mn. It had a 52-week high price of $ 00.004, with an average volume of, 1,381,835 approximately.


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