MORE GAS FOR WESTSIDE IN BOWEN BASIN

Written on the 16 February 2012

MORE GAS FOR WESTSIDE IN BOWEN BASIN

AN ASX-listed Brisbane coal-seam gas producer today significantly upgraded its gas reserves in the Bowen Basin.

WestSide Corporation (ASX:WCL) recorded increased reserves across all categories of its Meridian SeamGas gas fields. Total proved, probable and possible (3P) reserves increased by 96 per cent to 725 PJ, while proved and probable (2P) ones jumped by 17 per cent to 258 PJ and proved (1P) reserves were up 86 per cent to 6.5 PJ.

The upgrade follows a WestSide-commissioned study by independent reserve certifiers MHA Petroleum Consultants. Research took into account regional and newly interpreted data plus production results for shallow and deeper coal seams within the entire Meridian SeamGas petroleum licence area.

Westside CEO Julie Beeby (pictured) praised the MHA report for providing corporate and regional consistency at Meridian.

“This follows a review of old and new production and test data for all the seams across the region to support the upgrade,” she says.

“The field development plan has also been advanced to account for exploitation of the reserves across a wider area to capture the full potential of additional future gas sales.”

Beeby reveals 2P reserves from the five main coal-seams between 200 metres and 800 metres within PL94 have been assessed and conservatively risked to arrive at the final numbers.

“There remains an upside to the current total reserve position, particularly to further increase the 2P reserves by conversion of the newly certified 3P reserves from the upper and lower seams,” she says.

“The recognition of 3P reserves in the newly certified upper seams, as well as in the deeper seams to a depth cut-off to 1350 metres, provides large upside for reserves maturation and growth.”

Shares in Westside remained flat today at 53 cents per unit.


Latest News

COZIGO FOUNDER EMMA LOVELL SHARES HER STARTUP WISDOM

WHEN CoziGo founder, Emma Lovell, decided she wanted to make a sleep and sun cover for strollers and airline bassinet...

SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

FIERCE rivals Slater & Gordon (ASX: SGH) and Maurice Blackburn have secured funding for class actions against Bel...

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter