Quarterly Activities Report
Perth, April 30, 2013 AEST (ABN Newswire) - During the March quarter WestSide Corporation Limited (
ASX:WCL) engaged with independent certifier MHA Petroleum Consultants LLC to deliver another substantial increase in the Company's net certified reserves across all categories including a 34.5% increase in Proved and Probable (2P) reserves to 347 PJ(1).
WestSide's net share of sales revenue from Meridian of $1.89 million was up 37.9% on the previous corresponding March quarter, but down 3.1% from the $1.95 million reported in the December quarter.
March quarter production was affected by a number of factors including the impact of wet weather at Meridian SeamGas during late January and early March while gas sales were curtailed due to a temporary fall in demand associated with regional flooding in the wake of ex-Cyclone Oswald.
Wells taken off-line for the Advanced Treatment Trial continued to impact production during the quarter. The remediated wells are being progressively completed and returned to production and another series of wells have been identified for treatment if this trial proves to be technically and commercially successful.
Future gas sales will be slightly affected by the loss of third party gas from the adjacent Mungi field which had been supplying Meridian SeamGas with about 0.5 TJ/d until early April when water pumping ceased.
The engineering team is now concentrating on the installation and commissioning of a new 200HP booster compressor which was recently delivered on site.
WestSide remains committed to meeting milestone conditions under Meridian's Transitional Environmental Plan to bring legacy dams and water management for PL94 into compliance with Queensland's upgraded policy standards. Conditions for an Environmental Authority for a new Area Pipeline Licence to optimise field integration plans are also expected to be finalised during the quarter.
On 20 November 2012, WestSide announced that an indicative, conditional, non-binding and confidential proposal had been received from a party which has conducted extensive due diligence on the Company.
This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.
On 5 March 2013 WestSide announced that the Board had decided to bring negotiations regarding the indicative takeover proposal process to a conclusion in the near term. The Board is working to conclude the process as soon as possible and will keep the market informed of any material developments.
The Company had $20 million in cash at 31 March 2013.
To view the full quarterly report, please visit:
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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