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Sydney, July 30, 2012 (ABN Newswire) - As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Ltd (
ASX:WCL) is pleased to advise that drilling has commenced on the first of a series of new wells to increase production toward an initial target of 25 Terajoules a day.
WestSide CEO Dr Julie Beeby said the new drilling program comprised three new dual-lateral well sets and one up-dip blind lateral well - building on the success of the previous campaign.
"The results achieved to date from wells already drilled have given the joint venture confidence to proceed with this next phase as we look to lift production to satisfy existing sales contracts," Dr Beeby said.
Of the seven dual-lateral wells drilled previously, two have achieved production rates exceeding 1 million standard cubic feet a day (scf/d) and another three have achieved pre-peak flow rates of more than 675,000 scf/d.
Two rigs have been deployed to drill the new wells including WestSide's Schramm TXD rig, which will drill the lateral in-seam wells and another provided by EastCore Drilling Services to drill some of the vertical sections.
The Meridian SeamGas joint venture achieved average daily gas sales during June of 13.5 TJ/d with new wells now generating approximately 35 per cent of gross daily production.
WestSide, which has a 51 per cent operating interest in Meridian SeamGas, is Australia's leading ASX-listed junior Coal Seam Gas company in terms of production.
ASX:WCL) is pleased to advise that drilling has commenced on the first of a series of new wells to increase production toward an initial target of 25 Terajoules a day.WestSide CEO Dr Julie Beeby said the new drilling program comprised three new dual-lateral well sets and one up-dip blind lateral well - building on the success of the previous campaign.
"The results achieved to date from wells already drilled have given the joint venture confidence to proceed with this next phase as we look to lift production to satisfy existing sales contracts," Dr Beeby said.
Of the seven dual-lateral wells drilled previously, two have achieved production rates exceeding 1 million standard cubic feet a day (scf/d) and another three have achieved pre-peak flow rates of more than 675,000 scf/d.
Two rigs have been deployed to drill the new wells including WestSide's Schramm TXD rig, which will drill the lateral in-seam wells and another provided by EastCore Drilling Services to drill some of the vertical sections.
The Meridian SeamGas joint venture achieved average daily gas sales during June of 13.5 TJ/d with new wells now generating approximately 35 per cent of gross daily production.
WestSide, which has a 51 per cent operating interest in Meridian SeamGas, is Australia's leading ASX-listed junior Coal Seam Gas company in terms of production.
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About WestSide Corporation Limited
WestSide Corporation Limited is an ASX-listed company (ASX code: WCL) with interests in coal seam gas (CSG) projects in Queensland.
WestSide operates the Meridian SeamGas CSG fields west of Gladstone in Queensland’s Bowen Basin. The Meridian gas fields comprise a range of CSG assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland’s commercial gas network. WestSide holds a 51% interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49%.
Elsewhere in the Bowen Basin, WestSide is currently operating an exploration and appraisal program at the ATP 769P (Paranui) and ATP 688P (Tilbrook and Mount Saint Martin) sites. WestSide holds a 25.5% interest in the tenements with Mitsui E&P Australia Pty Ltd, which has a 24.5 % interest in each, and QGC, which holds the other 50% in each case.
WestSide also has a 51% operating interest in two Galilee Basin (Queensland) tenements (ATP 974P and ATP 978P) covering an area of over 13,280 sq km, with Mitsui E&P Australia Pty Ltd holding the remaining 49% in each.
Additional information is available on WestSide’s website: www.westsidecorporation.com
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