ATP 769P Paranui Area
Brisbane, July 1, 2009 AEST (ABN Newswire) - WestSide Corporation Limited (ASX:WCL) is pleased to announce the certification of its first coal seam gas (CSG) reserves at its Tilbrook and Paranui pilots in Queensland's Bowen Basin.
WestSide's 50 per cent share of certified Proved, Probable and Possible (3P) gas reserves in the tenements amounts to 211 Petajoules (PJ), consistent with earlier estimates of gas in place.
WestSide Chairman Angus Karoll said certification of these reserves was the first step in unlocking the value in WestSide's assets.
"This is in-line with the Company's broader strategy of commercialising known gas assets, identifying and proving up new reserves and seeking new CSG opportunities," Mr Karoll said.
"These reserves come from only a small area of WestSide's holdings and the accuracy of the initial estimates provide additional confidence that WestSide's share of gas in place throughout its acreage could be up to two trillion cubic feet of gas," he said.
WestSide's share of 3P reserves from the initial area addressed by the Tilbrook pilot within ATP688P has been certified at 76 PJ. This result is consistent with WestSide's previous gas-in-place estimates for the area, providing an increased level of confidence that the Company can convert its share of gas in place, estimated at 1,475 billion cubic feet (bcf), into commercial reserves.
WestSide has booked 135 PJ of 3P gas reserves at its Paranui pilot in ATP769P. The result confirms WestSide's expectations for the broader ATP769P, which it estimates contains up to 505 bcf of gas in place (WestSide share) to a depth of 1,000m. Substantially higher quantities of gas in place could be accessed through drilling to depths greater than 1,000m.
WestSide's $18 million, fully-funded drilling program will continue, with emphasis now turning to testing production from its first dual-lateral horizontal well at the Tilbrook pilot. This well will aim to convert some of the existing 3P reserves into Proved and Probable (2P) reserves during the fourth-quarter of 2009.
The Company has initiated planning to expand the program with the intent of further increasing overall reserves. WestSide's aim is to accumulate at least 250 PJ of 2P and 1,000 PJ of 3P gas reserves in the near term through its current program and its strategy of proving up new reserves and seeking further CSG opportunities.
WestSide's certified gas reserves in comparison to its remaining estimated gas in place is summarised below:
-----------------------------------------Net to WestSide-----------------------------------------Tenement Certified 3P Additional reserves estimated gas in (PJ) place (bcf)-----------------------------------------ATP 688P 76 1,322ATP 769P 135 360*-----------------------------------------Total 211 1,682-----------------------------------------* To 1,000m depth
The certified reserves figures used in this report are based on information compiled by John P. Seidle, Ph.D., P.E.,Vice President of MHA Petroleum Consultants LLC. Mr Seidle is not an employee of WestSide Corporation Ltd and consents to the inclusion in this report of these reserves figures in the form and context in which they appear.
Contact
WestSide Corporation Ltd
Angus Karoll
Chairman and CEO
TEL: +61-7-3020-0900
Media
Anna O'Gorman
Principal Consultant - Three Plus
TEL: +61-7-3503-5700
MOB: +61-(0)423-463-548
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