Quarterly Activities Report
Perth, Jan 31, 2014 AEST (ABN Newswire) - During the quarter Westside (
ASX:WCL) maintained its sharp operating focus on production. Sales from the Meridian eld (excluding fuel gas) were up a further 5% on the prior September quarter at 1,064,468 GJ (542,879 GJ net to WestSide) or 11.6 TJ/d.
WestSide's net share of sales revenue from Meridian of $2.0 million was up 5% from $1.9 million in the prior September quarter.
With the completion of the $15.45 million capital raise in November, WestSide started this pivotal year well funded for future development. The next phase of drilling is scheduled to get underway during the June quarter. Tendering and procurement is well underway for the drilling program.
The Company has continued to work on securing material new gas supply agreements from 2015 when existing contracts are set to expire and management now expects a new contract to be signed within the next three months, re ecting signi cantly higher forecast gas prices.
Subsequent to the end of the quarter WestSide also expanded the Company's skill base with the appointment of Bryan O'Donnell as Development Manager to lead the Meridian eld development.
Bryan brings extensive upstream petroleum development expertise from over 28 years managing oil, conventional gas and Coal Seam Gas developments for ExxonMobil, Oil Search, BHP Petroleum and Arrow Energy.
The Company had $26 million in cash at 31 December 2013.
Highlights
December quarter Meridian gas sales revenue net to WestSide of $2.0 million was up 5% on the September quarter
Gas sales volumes of 543 TJ net to WestSide from the Meridian field were up 5% on the September quarter and have now stabilised at approximately 12 TJ/d
Successfully raised $15.45 million via a Placement and Share Purchase Plan, leaving the Company well funded and resourced to pursue its business plans
Leadership enhanced in preparation for new growth phase with the appointment of Rob Neale as Chairman and CEO Mike Hughes as Managing Director
Negotiation of new Gas Sales Agreements are significantly advanced with contract execution expected to occur within the next three months
Preparation underway for the next phase of development drilling which is scheduled to commence at Meridian during the June quarter
Subsequent to the end of the quarter Bryan O'Donnell was appointed Development Manager to lead the Meridian field development
To view the complete report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-780138.pdf
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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