MORE GAS FOR WESTSIDE IN BOWEN BASIN

MORE GAS FOR WESTSIDE IN BOWEN BASIN

AN ASX-listed Brisbane coal-seam gas producer today significantly upgraded its gas reserves in the Bowen Basin.

WestSide Corporation (ASX:WCL) recorded increased reserves across all categories of its Meridian SeamGas gas fields. Total proved, probable and possible (3P) reserves increased by 96 per cent to 725 PJ, while proved and probable (2P) ones jumped by 17 per cent to 258 PJ and proved (1P) reserves were up 86 per cent to 6.5 PJ.

The upgrade follows a WestSide-commissioned study by independent reserve certifiers MHA Petroleum Consultants. Research took into account regional and newly interpreted data plus production results for shallow and deeper coal seams within the entire Meridian SeamGas petroleum licence area.

Westside CEO Julie Beeby (pictured) praised the MHA report for providing corporate and regional consistency at Meridian.

“This follows a review of old and new production and test data for all the seams across the region to support the upgrade,” she says.

“The field development plan has also been advanced to account for exploitation of the reserves across a wider area to capture the full potential of additional future gas sales.”

Beeby reveals 2P reserves from the five main coal-seams between 200 metres and 800 metres within PL94 have been assessed and conservatively risked to arrive at the final numbers.

“There remains an upside to the current total reserve position, particularly to further increase the 2P reserves by conversion of the newly certified 3P reserves from the upper and lower seams,” she says.

“The recognition of 3P reserves in the newly certified upper seams, as well as in the deeper seams to a depth cut-off to 1350 metres, provides large upside for reserves maturation and growth.”

Shares in Westside remained flat today at 53 cents per unit.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

TechnologyOne (ASX: TNE) CEO Edward Chung has affirmed the company ...

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

Despite recent trading conditions proving disruptive for the reside...

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...