Southern England: Offshore Wessex Basin

(Norwest 65% and operator)

Norwest’s five Promote exploration licenses 98/6b, 98/7b, 98/8, 98/12 (Part) & 98/13 (Split) are located in the Wessex Basin, offshore Southern England in the English Channel, adjacent to its two existing onshore licenses, PEDL 238 and PEDL 239. The awarded Blocks stretch from the Bournemouth shoreline to the westerly tip of the Isle of Wight, and lie to the East/South East of Wytch Farm, Western Europe's largest oil field, with original oil in place of 500 mmbbls.

An extensive regional study led Norwest to target these licences, which were awarded on the 30^th of December 2011 by the UK’s Energy Minister, Charles Hendry. Norwest has already identified six structural leads with a 15% to 32% geological chance of success. After conducting further geological and geophysical studies, including the purchase and interpretation of new 2-D seismic data, a successful evaluation program will allow Norwest to advance these leads to drillable prospects.

Norwest is the operator and has a 65% interest in all five licenses, while UK AIM listed Wessex Exploration PLC holds the remaining 35%. Subject to the acceptance of the formal offer of the Blocks, the joint venture will be allowed to explore the five Blocks for a period of two years. The interests can convert from a Promote to Traditional status with a drill-or-drop well commitment.