Westside taking up GalileeBasin position
WESTSIDE Corporation is taking up two coal seam gas exploration permits in Queensland’s GalileeBasin that could hold up to 21 trillion cubic feet of gas.
Both tenements are located about 380km equidistant from gas markets in Mt Isa and Townsville.
Westside plans to start its exploration program in 2010 with an initial drilling program to identify the extent of the coal resource and its gas content.
Successful results could lead to up to 40 stratigraphic holes being drilled across each tenement in the first four years to prove the extent of the resources and target the certification of gas reserves.
The company is issuing 3.5 million shares to acquire private company Nazara, the preferred tenderer for the two permits following a successful bid lodged in mid-2008.
Nazara is owned by Westside chairman Angus Karoll.
“The GalileeBasin is considered by many to be Queensland’s new frontier for CSG exploration,” Westside chief operating officer Simon Mewing said.
“Investments amounting to tens of millions of dollars are expected in coming years as industry participants such as AGL move to prove CSG reserves in the region.”
He added that, if successful, the GalileeBasin could become one of Australia’s premier onshore gas producing regions.
Thursday, 3 September 2009
PNN
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