The company will use the proceeds to fund its ongoing exploration program including Cliff Head-1, which is said to contain in excess of 100 million barrels of recoverable oil.

While the company's immediate exploration focus has shifted away from the Timor Sea, it still does hold a 20 per cent stake in the Puffin Oil Field, a 14% interest in ZOCA 96-16 and a 34% interest in ACP32. Norwest plans to drill one or more of these areas over the next few years, subject to farmout, seismic interpretation and funding.