Sydney, Sep 4, 2009 (ABN Newswire) - AUDIO: Westside Corporation Limited (ASX:WCL) has interests in coal seam gas or CSG projects in Queensland and Indonesia.
Yesterday the company announced the major acquisition of two exploration tenements in the north west of Queensland's booming Galilee Basin covering more than 14,000 square kilometres and believed to contain up to 21 Trillion feet of gas.
There is a proposal on the table to issue 3.5 Million Westside Shares to fund the acquisition and joining me now is Angus Karoll, Chairman and CEO of Westside.
In terms of coal seam gas, Queensland's Galilee Basin really is shaping up to be the Texas at the beginning of the oil boom with some very major players in the area.
WestSide Corporation Ltd Angus KarollChairman and CEO TEL: +61-7-3020-0900
WestSide will secure a significant foothold in Queensland's coal-rich Galilee Basin under an agreement to acquire two petroleum exploration tenements.
The Company will target Coal Seam Gas (CSG) at the two pending exploration tenements, ATP 974P and ATP 978P, which cover a combined area of 14,480 km2 in the north-western part of the Galilee Basin.
WestSide believes the area could contain up to 21 TCF (trillion cubic feet) of gas in place.
Historical seismic data from these tenements and drilling in nearby tenements indicate the existence of continuous coal seams throughout the basin. The targeted Bandana Formation coal seams typically contain between 13m and 17m of coal.
Regionally, the Galilee Basin is attracting increasing interest from explorers and producers, with several exploration and appraisal projects already underway.
WestSide Corporation Ltd Angus Karoll Chairman and CEO TEL: +61-7-3020-0900