Norwest to sell North Sea assets to Silverstone

Offshore staff

PERTH -- Norwest has agreed to sell its North Sea assets to Silverstone Energy for $1.8 million. The assets comprise a 25% interest in the Cobra gas discovery and Norwest's interest in several exploration licenses in the Inner Moray Firth.

Norwest had previously reached a conditional agreement with Fairfield Energy for the sale of the assets for $1.6 million. However, last week an issue was identified concerning that transaction about which the companies were unable to agree.

The deal with Silverstone is subject to completion of formal documentation and the approvals of the various joint venture participants as well as the UK government.

05/15/2009