re: Ann: Norwest increases its stake in North...
Sorry to dredge up a very old thread but with all the newcomers lately due to the hype around the Arrowsmith 2 frac I thought it would be good to recount what a masterstroke it was by PM to get us loyal shareholders to where we are now (even DC!).
Let us remember that back in early 2010 NWE had a 1.278% interest in EP413. For the princeley sum of $87500 PM acquired ORG's 49.189% interest in the permit. ROC Oil also decided to withdraw from the permit and divided its interest up between the remaining joint venture participants (Pity the ORG and ROC shareholders!). Following this move NWE had a 50.593% interest. Subsequent to this NWE acquired Vic Petroleum's 5.013% share for $8750.
Effectively PM had increased NWE's interest in EP413 from 1.278% to 55.606% for $96250. Around 6 months later NWE announced that a farm out agreement with BPRL had been signed in which NWE exchanged 27.803% of their interest in EP413 for up to $10m in drilling costs!
You do the maths, but that is a massive ROI!!
And look at us now, 2 1/2 years later, finally about to (hopefully) reap the real benefits.
So that is the beginning of the story of how a minnow outsmarted the big guns by paying peanuts for potentially one of the most lucrative permits in OZ!
Well done PM and NWE.
Cheers.
You'll also note that over this time my sentiments, and that of some others has not changed. You will also notice if you look at all the threads from a few years ago some of the then most knowledgeable posters on NWE have disappeared. One would hope that they have kept the faith and still hold, it may be a tragedy if they do not!
As the old saying goes, the stockmarket is a mechanism whereby wealth is transferred from the impatient to the patient.
NWE Price at posting:
7.3¢ Sentiment: LT Buy Disclosure: Held
