ABN Newswire

MEC Resources Limited (ASX:MMR) Pooled Development Fund Operational Update

newsroom@abnnewswire.net — Wed, 15 May 2013 14:06:10 GMT

MEC Resources Ltd (ASX:MMR) wishes to comment on recent publicity regarding a possible phase out of the Australian Federal Government's Pooled Development Fund ("PDF") program.

As at the date of this announcement, the Federal Government has not released details of how a phase out may occur, what the phase out period may be, or what the implications may be for investors who invested in PDFs, such as MEC Resources, on the understanding that any capital gains on their investments and any dividends received would be tax free.

Given the current lack of clarity and the fact that the Federal Government has only recently commenced the process of engaging with stakeholders in relation to a possible phase out, MEC Resources considers it is unlikely that legislation will be enacted to implement a phase out before the Federal Election in September 2013.

MEC will continue to update the market as further information becomes available.

MEC Resources Limited
T: (08) 9328 8477
F: (08) 9328 8733
WWW: www.mecresources.com.au

Petrel Resources PLC (LON:PET) - Porcupine Basin Data Room Opened and Farm Out Discussions Underway

newsroom@abnnewswire.net — Tue, 14 May 2013 21:58:28 GMT

Petrel Resources (LON:PET) today announces that a data room has been opened in London for its two Licensing Options, 11/4 and 11/6, in the Porcupine Basin, Irish Atlantic Margin. The two Licensing Options cover 1,400 square kilometres, with licence 11/4 in the north of the basin, and 11/6 in the east of the basin.

The Directors have commenced negotiations with a number of oil and gas companies interested in participating in the two licences.

Petrel Resources is a diversified oil and gas exploration and production company, with interests in Ghana, Ireland and Iraq. The company has a signed petroleum agreement in Ghana, holds two licences in offshore Ireland and ongoing interests in Iraq.

Enquiries:
Petrel Resources Plc 
David Horgan
Managing Director 
+353 (0)87 292 3500

John Teeling
Executive Chairman 
+353 (0)1 833 2833

WestSide Corporation Limited (ASX:WCL) Indicative Takeover Proposal Withdrawn

newsroom@abnnewswire.net — Tue, 14 May 2013 15:18:45 GMT

WestSide Corporation Limited (ASX:WCL) has been advised by PetroChina International Investment Company Limited (PetroChina), which submitted an indicative, non-binding proposal to acquire 100 per cent of the shares in WestSide on 19 November 2012, that it will not proceed with the proposal. PetroChina has advised WestSide that it has decided to withdraw from negotiations in relation to the proposal "because the general situation in Australia has changed so much".

WestSide's Executive Chairman Mr Angus Karoll said the Board was disappointed with the advice received from PetroChina given the level of cooperation afforded to them over several months, including the amount of management time invested and the patience of the Company's shareholders throughout the process.

"Importantly, I believe the bidder had a positive view on the quality and value of the Company's core Meridian SeamGas asset," Mr Karoll said.

Since receiving the non-binding acquisition proposal from LNG Limited in February 2012, WestSide's Board has explored a number of transaction structures with the objective of maximising shareholder value. The options available to WestSide, a number of which remain under active consideration, include long term gas sale agreements, joint ventures and the sale of 100 per cent of the shares in the Company.

Discussions with interested parties remain active and will continue to be progressed as a matter of priority following the withdrawal of PetroChina. Other strategic parties are continuing their due diligence investigation of the company with the objective of developing proposals for consideration by the WestSide Board, but there is no certainty that an offer acceptable to the Board will eventuate.

"WestSide will intensify its focus on several valuable commercial opportunities available to the Company as an emerging independent gas producer in Australia's burgeoning energy market, while due diligence by other parties continues. The Board remains committed to delivering the best outcome for shareholders" Mr Karoll said.

Over the last 12 months, the Company has observed increasing shortages of gas for Queensland's Liquefied Natural Gas (LNG) projects and to satisfy domestic gas demand. Recently-completed gas sale agreements by other parties and proposals received by the Company indicate a material firming in gas prices over the last six months.

This firming in gas prices has further reinforced the strategic value of the 680 PJ of Proved and Probable (2P) gross gas reserves at Meridian SeamGas, the vast majority of which remains uncontracted. Meridian SeamGas remains in a strong position to supply the Queensland domestic and export gas markets being the closest producing gas field to Gladstone, just 160km to the east, and is connected via the Queensland Gas Pipeline.

The Board will continue to pursue options which allow shareholders to fully participate in the strategic value that the Company offers to parties short of gas.

WestSide will continue to keep the market informed of any material developments in accordance with its disclosure obligations.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

Buccaneer Energy Limited (ASX:BCC) Cosmo Well Spud

newsroom@abnnewswire.net — Tue, 14 May 2013 09:26:50 GMT

Buccaneer Energy Limited (ASX:BCC) advises that the Alaskan Oil and Gas Conservation Commission ("AOGCC") has inspected and certified the Endeavour jack-up rig for operations within Alaskan state waters, this was the final certification required for the Endeavour to be able to commence drilling operations.

The Cosmo # 1 well spud at approximately midday EST on 13 May 2013 (Sydney) and is currently at 600' drilling ahead.

The Company will provide weekly drilling updates commencing on Tuesday 21 May 2013.

The Cosmopolitan Project ("Cosmo") is located in 80' feet of water approximately 30 miles to the north west of Homer. Cosmo is jointly owned with privately owned Fort Worth, Texas based BlueCrest Energy II, LP ("BlueCrest") owning a 75% working interest and Buccaneer a 25% working interest, with Buccaneer as the Operator for the project.

Cosmo # 1 Well Plan

The Cosmo # 1 well is a vertical well that has a targeted Total Vertical Depth of 8,000' ("TVD"), the well is anticipated to take approximately 45 days to drill and test.

Surface casing will be set at 800' after which the well will be drilled to the top of the Tyonek Formation ("Tyonek") at 2,000' where casing will again be set. The first gas Tyonek gas zone should be intersected at approximately 2,150' with multiple gas zones anticipated intersected to 6,000'.

Casing will be set at approximately 6,000' before drilling through the proven oil bearing Starichkof and Hemlock Formations, and will reached the target depth of 8,000' after drilling the prospective West Foreland Formation. The current plan is to take oil cores to augment the reservoir data to further optimize the future oil plan of development. At this stage it is not planned to flow test the oil formations.

On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas formation. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested. If successfully tested the well will be temporary abandoned as a future gas producer.

Historical Technical Appraisal and Drilling

The Cosmopolitan oil accumulation was initially discovered by Pennzoil by exploration drilling in 1967.

- Oil reservoirs are the Oligocene Lower Tyonek (Starichkof sands);
- Reservoirs are non-marine sandstones with 750' of vertical oil column;
- Oil gravity is 24-27 degrees API; and
- Pioneer estimated OOIP at 360 MMBO;

An offset well (Starichkof State Unit #1) was drilled by Pennzoil in 1967 to the northeast of the discovery well:

- Well was low on the structure and wet in the oil zones;
- Several cores in the shallower Tyonek Formation revealed excellent rock properties with porosities >20% and permeability of 100 - 1000 md;
- Conventional core was taken in the Lower Tyonek Starichkof Formation with average porosity >14% and average permeability > 36 md; and
- Gas cut mud was tested from Tyonek intervals suggesting possible gas higher on structure.

The accumulation was tested again by Arco in 2001:

- Hansen #1 well was drilled from onshore with long reach and found oil in the Starichkof and Hemlock sands;
- 2 Drill Stem Tests ("DST") in the Starichkof sands tested at 200-300 BOPD; and
- Follow up DST's in 2002 found Hemlock sands oil which tested at 300 BOPD and a subsequent Starichkof test of 125 BOPD.

The accumulation was tested again by ConocoPhillips who acquired Arco assets in 2003:

- Hansen #1A was sidetracked out of the original Hansen #1 with a long reach well drilled from onshore;
- DST in the Starichkof/Hemlock intervals tested at rates up to 1000 BOPD; and
- Extended production test stabilized at 550 BOPD.

Pioneer acquired a 40 square mile 3D survey covering the structure in 2005 and obtained a 100% ownership position in 2007

Additional drilling occurred by Pioneer in 2010:

- Hansen #1A-L1 was drilled as a long lateral out of the #1A sidetrack;
- The #1A-L1 is a horizontal well drilled within the Starichkof interval;
- An extended production test was conducted after drilling and stimulation (frac); and
- Results were a cumulative 33,504 BO produced with no water at 250 BOPD + 1 MMcfg/day additional to the Hansen #1A extended production test of 550 BOPD.

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com

Beach Energy Limited (ASX:BPT) Completion of initial farm-in by Chevron

newsroom@abnnewswire.net — Mon, 13 May 2013 09:10:23 GMT

On 25 February 2013, Beach Energy Limited (ASX:BPT) and Beach group subsidiaries, signed documents with Chevron Australia Exploration 1 Pty Ltd and Chevron Australia Holdings Pty Ltd ("Chevron") for Chevron to farm-in to PEL 218 (South Australia) and ATP 855 (Queensland) joint ventures ("Nappamerri Trough Gas Ventures").

Settlement for the first stage of the transaction, being the transfer to Chevron of the initial equity interest of 30% in PEL 218 and 18% in ATP 855, has now occurred following the receipt of FIRB and other government approvals and third party consents. The first stage transfers to Chevron remain subject to formal South Australian and Queensland government approval, with indicative approval having been granted in Queensland and the farm-in agreement having been approved and registered in South Australia to date.

Beach's Managing Director, Reg Nelson, said: "The indicative approval by the relevant authorities, to transfer the initial Beach equity interest in the Nappamerri Trough Gas Ventures to Chevron, is the start of what we anticipate will be a value adding relationship in more ways than one. As we have mentioned on a number of occasions and for some time now, there is a gas shortage looming in Eastern Australia. The Nappamerri Trough Gas Ventures, and the substantial gas resource within the acreage, has the potential to be a material source of gas for both the Eastern Australian domestic and international markets in the coming years."

As a result of the payments made by Chevron at settlement, Beach now has approximately $400 million of cash on hand.

If after Stage 1, Chevron elects not to proceed to acquire Stage 2, the interest held by Chevron will be re-assigned to Beach for no consideration. If after Stage 2, Chevron elects not to proceed, Beach may elect to receive a re-assignment of the interests held by Chevron.

To view stage details of the Chevron Farm-in, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-734923.pdf

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au

WestSide Corporation Limited (ASX:WCL) Shareholder Letter - Quarterly Activities Report

newsroom@abnnewswire.net — Wed, 8 May 2013 17:14:43 GMT

During the March quarter WestSide Corporation Limited (ASX:WCL) engaged with independent certifer MHA Petroleum Consultants LLC to deliver another substantial increase in the Company's net certifed reserves across all categories including a 34.5% increase in Proved and Probable (2P) reserves to 347 PJ.

WestSide's net share of sales revenue from Meridian of $1.89 million was up 37.9% on the previous corresponding March quarter, but down 3.1% from the $1.95 million reported in the December quarter.

March quarter production was affected by a number of factors including the impact of wet weather at Meridian SeamGas during late January and early March while gas sales were curtailed due to a temporary fall in demand associated with regional flooding in the wake of ex-Cyclone Oswald.

Wells taken off-line for the Advanced Treatment Trial continued to impact production during the quarter. The remediated wells are being progressively completed and returned to production and another series of wells have been identifed for treatment if this trial proves to be technically and commercially successful.

Future gas sales will be slightly affected by the loss of third party gas from the adjacent Mungi Field which had been supplying Meridian SeamGas with about 0.5 TJ/d until early April when water pumping ceased.

The engineering team is now concentrating on the installation and commissioning of a new 200 HP booster compressor which was recently delivered on site.

WestSide remains committed to meeting milestone conditions under Meridian's Transitional Environmental Plan to bring legacy dams and water management for PL94 into compliance with Queensland's upgraded policy standards. Conditions for an Environmental Authority for a new Area Pipeline Licence to optimise !eld integration plans are also expected to be finalised during the quarter.

On 20 November 2012, WestSide announced that an indicative, conditional, non-binding and confidential proposal had been received from a party which has conducted extensive due diligence on the Company.

This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.

On 5 March 2013 WestSide announced that the Board had decided to bring negotiations regarding the indicative takeover proposal process to a conclusion in the near term.

The Board is working to conclude the process as soon as possible and will keep the market informed of any material developments.

The Company had $20 million in cash at 31 March 2013.

To view the Quarterly Report in full, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-734441.pdf

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

Beach Energy Limited (ASX:BPT) Monthly Drilling Report - April 2013

newsroom@abnnewswire.net — Wed, 8 May 2013 15:50:36 GMT

Beach Energy Limited (ASX:BPT) has produced the monthly drilling report for April 2013, with the following highlights. Two rigs are drilling for oil on the Western Flank, Kalladeina-2 discovery well is flowing oil at 986 barrels per day in PEL 91 and the Rincon North-1 discovers a seven metre oil column in PEL 92.

AUSTRALIA

Operated Cooper Basin Unconventional Gas Program

PEL 218 (Beach 100%)

Dashwood-1, the sixth well in the current vertical exploration program in PEL 218 of up to eight wells, reached a total depth of 4,021 metres and wireline logs are currently being run prior to the well being cased for future fracture stimulation.

Boston-2, spudded on 8 April, is a vertical well that is drilling ahead at 3,555 metres. The well is 320 metres from Boston-1, and will be used for recording downhole micro-seismic observations when Boston-1 is fracture stimulated around the middle of the year. The micro-seismic monitoring is a continuation of the detailed and comprehensive data gathering that will underpin the assessment of the commercial potential of the Nappamerri Trough unconventional gas play.

Operated Cooper-Eromanga Oil - Western Flank

A second rig has joined the oil drilling campaign in the Western Flank region. In PEL 92 (Beach 75% and operator, Cooper Energy 25%), three wells have been drilled since the last report. Rincon North- 1 was cased and suspended after intersecting a seven metre oil column within the McKinlay/Namur reservoir interval in a prospect about 1.5 kilometres north of Rincon-1. Sharples-1 and Wyomi-1 were plugged and abandoned after failing to encounter hydrocarbons. The rig is presently drilling Callawonga-7, the first of two wells designed to further develop the Callawonga oil field and to assess the potential for further infill drilling.

In PEL 91 (Beach 40% and operator, Drillsearch Energy 60%), Kalladeina-2 discovered an eight metre gross oil column in the Namur Sandstone and McKinlay Member, and tested oil at a rate of 986 barrels of oil per day from the McKinlay zone. The well has been cased and suspended as a future producer. Subsequently, Smoky-1, the most northerly exploration well to be drilled in PEL 91 to date, was plugged and abandoned after no significant hydrocarbons were encountered.

Santos Operated Cooper Basin Oil and Gas Exploration and Development

The gas development program in Queensland (Beach 23.20%) continues with Lepard-2 and Psyche-7, which were cased and suspended for future production.

In the South Australian Cooper Basin JV gas development (Beach 20.21%), Cowralli-22 and -23 were cased and suspended as the first of sixteen deviated development wells planned for the Cowralli field from two multi-well surface pads. One rig is set up on site and is currently drilling Cowralli-24 and a second rig is rigging up to drill Cowralli-14.

The Van der Waals-1 unconventional gas exploration well spudded early in the month and is drilling ahead at a depth of 2,449 metres. This well is further testing the Nappamerri Trough deep unconventional gas potential.

INTERNATIONAL

Kuwait Energy Operated - Abu Sennan Concession, Egypt (Beach 22%)

El Salmiya-2 is currently drilling ahead at 3,270 metres after setting 9 5/8" casing at 3,165 metres. The well is being drilled to appraise reservoirs in the Abu Roash "C" and "E" Members which flowed at combined rates of 2,900 bopd and 16MMscfd in the El Salmiya-1 discovery well drilled in 2012.

Elsewhere in the permit, ASB-1X is at 662 metres and is drilling ahead to the casing point at 730 metres. This well is testing a prospect that has Late Cretaceous and Jurassic exploration targets.

For the full table and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-734407.pdf

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au

Buccaneer Energy Limited (ASX:BCC) AOGCC Certification and Cosmo Well Plan

newsroom@abnnewswire.net — Wed, 8 May 2013 09:37:30 GMT

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that the Alaskan Oil and Gas Conservation Commission ("AOGCC") has inspected and certified the Endeavour jack-up rig for operations within Alaskan state waters, this is the final certification required by the Endeavour to be able to commence drilling operations.

The Company is currently preparing to spud the Cosmo # 1 well.

The Cosmopolitan Project ("Cosmo") is located in 80' feet of water approximately 30 miles to the north west of Homer. Cosmo is jointly owned with privately owned Fort Worth, Texas based BlueCrest Energy II, LP ("BlueCrest") owning a 75% working interest and Buccaneer a 25% working interest, with Buccaneer acting as Operator on the project.

Cosmo # 1 Well Plan

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000' ("TVD"), the well is anticipated to take approximately 40 - 45 days to drill and test.

Surface casing will be set at 800' after which the well will be drilled to the top of the Tyonek Formation ("Tyonek") at 2,000' where casing will again be set. The first gas Tyonek gas zone is expected to be intersected at approximately 2,150' with multiple gas zones anticipated to be intersected down to 6,000'.

Casing will be set at 6,100' before drilling through the oil bearing Starichkof, Hemlock and West Foreland Formations to TVD. The current plan is to core each of these oil formations to gather additional reservoir data so as to design the future development program for the oil formations. At this stage it is not planned to flow test the oil formations.

On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas formation at 6,100'. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested.

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com

Buccaneer Energy Limited (ASX:BCC) Rights Issue Road Show - New York and London

newsroom@abnnewswire.net — Tue, 7 May 2013 08:26:43 GMT

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that it will be conducting an institutional road show in New York from Tuesday 7 May 2013 until Friday 10 May 2013 and London from Monday 13 May 2013 until Thursday 16 May 2013.

To View the Presentation, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-734023.pdf

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com

Buccaneer Energy Limited (ASX:BCC) Deep Oil Rights - Additional Information

newsroom@abnnewswire.net — Mon, 6 May 2013 10:39:09 GMT

Buccaneer Energy Limited (ASX:BCC) is pleased to provide additional information in respect to the farm-in agreement announced earlier today in respect to the North Cook Inlet area.

The oil is contained in the Lower Tyonek, Hemlock, Sunfish and West Foreland Formations. Since 1962 these formations have been penetrated by 13 wells (see Table 1); all of which were drilled within the North Cook Inlet Unit acreage. Seven of the wells were drilled in the 1990s; the remaining six wells were drilled by various majors during the discovery and delineation phase of the Cook Inlet in the 1960s.

Of the 13 wells drilled, a total of 10 wells were successfully flow tested at rates of up to 4,343 BOEPD (North Forelands # 1 well) and 4,320 BOEPD (North Cook Inlet # B-02 well), or had logging results confirming the presence of productive oil. The three unsuccessful wells had oil shows but were drilled outside the oil fairway. A table outlining the 13 wells and the results of each are in Table 1 (see link below).

Buccaneer has engaged Netherland, Sewell and Associates ("NSAI") to provide a Reserve Report on the oil reserves acquired by the Company, and is expecting to book meaningful Proven and Probable Reserves. NSAI has previously assigned a P50 Resource of 15.5 million BO and 187.2 BCF of gas (46.7 MMBOE) to the Company's 100% owned North West Cook Inlet Unit that is within the same geological structure as the leases being farm into by the Company.

Drilling Plans

The Company plans to spud a well in Block A to test the Hemlock Formation using the Endeavour jack-up rig. This well will be an offset to the ARCO North Forelands #1 well that was flow tested at 4,343 BOEPD from three formations (including the Hemlock) with oil testing at 43o API Gravity. The ARCO North Forelands # 1 well was drilled in 1992 when oil averaged US$19.25 per barrel.

The well in Block B will be drilled as an offset to the Shell NCI #1 well that was flow tested at 2,270 BOPD from one Tyonek horizon. The Shell NCI #1 well was drilled in 1964 when oil averaged US$3.00 per barrel.

To view location map and historical well data, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-733913.pdf

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com