WestSide Corporation Limited (ASX:WCL) Launches A$17 Million Meridian Reserves Expansion Program

Brisbane, Nov 17, 2010 AEST (ABN Newswire) - WestSide Corporation Limited (ASX:WCL) and Meridian SeamGas joint venture partner Mitsui E&P Australia Pty Ltd (MEPAU) will today commence drilling the MER01X exploration well - the first under a A$17 million reserves expansion program.

The 16-well exploration program, including nine exploration wells and seven pilot wells identified on the attached map, has been designed to increase the joint venture's gross proved and probable (2P) reserves by more than 200 petajoules (Pj).

The reserves expansion exploration drilling program, which has potential to more than double WestSide's net 2P reserves of 94Pj, builds on the previously announced campaign to increase production from the Meridian SeamGas Coal Seam Gas (CSG) fields.

Dominion Drilling's DR02 rig is due to spud the MER01X core hole today, 17 November 2010 and take approximately 10 days to drill the well to a depth of 520 metres, targeting the Baralaba Coal Measures and Kaloola Formation.

Chief Executive Officer Dr Julie Beeby said the Meridian SeamGas joint venture, in which WestSide has a 51 per cent operating interest, aimed to prove up additional 2P gas reserves while simultaneously ramping up field production toward 25 terajoules a day.

"We are fully committed to demonstrating the untapped value of the Meridian SeamGas CSG fields in terms of latent reserves, production capability, strategic location and connectivity to Gladstone and other east coast markets via the Queensland Gas Pipeline," Dr Beeby said.

Dr Beeby said the MER01X exploration well was being drilled in an undeveloped part of PL94 as a core hole and would be followed by an adjacent pilot well, MER01V.

"Core samples taken from this first well will be sent for analysis to determine the most appropriate completion techniques for the pilot," Dr Beeby said.

"The strategy involves drilling either a core hole or chip hole ahead of each of the pilot wells as a means of de-risking the program, verifying permeability and confirming connectivity.

"Our aim is to complete this reserves expansion exploration program and capture sufficient production data from the pilots to achieve a reserves upgrade for Meridian before the end of this financial year."

WestSide will issue regular updates as and when appropriate as the reserves expansion exploration program progresses.

Meridian Production Drilling Update

Dr Beeby said the Meridian SeamGas fields had become a hive of activity in recent weeks as work also intensified on the production front.

"A work-over rig is now completing Pretty Plains #5 - the first of a series of our planned dual-lateral production well sets - with a view to commencing dewatering and ramping up production as quickly as possible," Dr Beeby said.

"The work-over rig will then start working through the remaining 15 of 22 existing production wells which we have targeted for rejuvenation to increase field production."

Meanwhile, the Schramm TXD 180 rig is scheduled to spud the second lateral well of the Pretty Plains #8 dual-lateral well set next week after the first lateral well has intersected the vertical well.

"To expedite the program we are also contracting an additional rig to drill the vertical component of the Pretty Plains #10 dual-lateral production well set which is due to spud late next week," Dr Beeby said.

"We have been very busy upgrading key roads and drill pads to provide all-weather access to enable us to continue to work on enhancing field reserves, production and reliability throughout the wet season."

The joint venture took control of the Meridian SeamGas CSG fields (formerly the Dawson Seamgas fields) in Queensland's Bowen Basin on 1 July 2010 from Anglo American (LON:AAL) (PIN:AAUKY).

The Meridian SeamGas CSG fields have certified Proved (1P) gas reserves of 30 petajoules (Pj), 94 Pj of Proved and Probable (2P) reserves and 170 Pj of Proved, Probable and Possible (3P) reserves (net to WestSide).

Meridian's inclusion increased WestSide's certified 3P reserves from 211 Pj to 381 Pj - including 135 Pj at Paranui in ATP 769P and 76 Pj at Tilbrook in ATP 688P.

For the complete WestSide announcement including maps, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64196-ASX-WCL-226283.pdf

Contact

Dr Julie Beeby Chief Executive Officer Ph: +61-7-3020-0900 http://www.westsidecorporation.com