Meridian's Average Daily June Sales Up 53.4% on Last Year
Brisbane, July 3, 2012 AEST (ABN Newswire) - WestSide Corporation Ltd (
ASX:WCL) is pleased to advise that Meridian SeamGas achieved average daily gas sales during June of 13.5 TJ/d - up 53.4 per cent on the average for June last year - with a second new dual-lateral well now flowing at more than 1 million scf/d.
June's average daily sales were also up 15.4 per cent on the average for the previous month of May (11.7 TJ/d), further extending the strong growth trend evident since January 2012. [To See Chart, refer to link below]
WestSide CEO Dr Julie Beeby said this excellent upward trend was expected to continue with on-going refurbishment of under-performing existing wells and increasing production from Meridian's seven new dual-lateral wells and three new up-dip laterals contributing to the ramp up.
"Meridian 27 has flowed at a rate of up to 1.1 million scf/d during the past week, building on the earlier performance of Pretty Plains 10, which has since achieved a peak flow rate to date of 1.4 million scf/d," she said.
Dr Beeby said another three of the new dual-lateral wells - Pretty Plains 2, Meridian 28 and Meridian 29 - were also achieving pre-peak flow rates of more than 675,000 scf/d.
"We are now clearly demonstrating WestSide's ability to drill, complete and commission these new Meridian SeamGas wells into production in a commercially viable and sustainable manner," Dr Beeby said.
"Having demonstrated this capability, WestSide is now strategically well-positioned for growth as we strive to further unlock Meridian SeamGas's full commercial value."
Dr Beeby said the new wells were now generating more than 30 per cent of gross Meridian SeamGas daily sales volumes which exceeded 14 TJ/d by the end of June.
WestSide, which has a 51 per cent operating interest in Meridian SeamGas, is Australia's leading ASX-listed junior Coal Seam Gas company in terms of production.
To view the WestSide Corporation's Meridian SeamGas Average Daily Gas Sales (GJ) Chart, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-243175.pdf
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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