Quarterly Activities Report
Brisbane, April 30, 2012 AEST (ABN Newswire) - WestSide Corporation Limited (
ASX:WCL) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.
HIGHLIGHTS
- Increased net certified reserves across all categories, with 2P reserves up 17% to 258PJ and 3P reserves up 96% to 725 PJ
- Received an Indicative Proposal to take over the company for consideration of 65 cents a share
- March quarter production up 22.1% on same period last year and 10.8% on previous quarter
- Delivered 434.1 TJ of gas for gross revenue of $1.37m - up 7.9% on previous quarter
- Pretty Plains 10 achieved production highs in excess of 1,000,000 scf/day
- Undertook successful $25.4m capital raising to fund production and exploration programs
OPERATING HIGHLIGHTS
- Increased net certified reserves across all categories with Proved, Probable and Possible (3P) reserves up 96% to 725PJ, Proved and Probable (2P) reserves up by 17% to 258PJ and Proved (1P) reserves up 86% to 6.5PJ
- Received indicative, conditional, non-binding takeover proposal from LNG Limited to acquire all of the shares in WestSide for cash consideration of $0.65 per share
- March quarter production, excluding fuel gas, up 22.1% on the same period last year and 10.8% on the previous December quarter
- Sales volumes up 9.3% on the previous December quarter with revenue to WestSide up 7.9% at $1.37 million
- New Pretty Plains 10 dual-lateral well achieves a production rate of 1,000,000 scf/d
- Subsequent to the end of the quarter:
-- Signed agreement with the owners of the adjacent coal mine to optimise management of five Meridian well-sets within a co-development area of the mining lease
-- Completed $25.4 million capital raising to fund production and exploration work programs
To view the complete WestSide Corporation Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-241562.pdf
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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