WestSide Corporation Limited (ASX:WCL) Targets New CSG Reserves In Bowen And Galilee Basins

Brisbane, Dec 14, 2009 AEST (ABN Newswire) - WestSide Corporation Limited (ASX:WCL) has significantly increased the coal seam gas (CSG) reserves targets for the Company's 2009 / 2010 program after recent results from its drilling and appraisal works provided confidence for the expanded campaign.

The Company is now targeting up to 111 Petajoules (PJ) of Proved and Probable (2P) gas reserves and up to 1,710 PJ of Proved, Probable and Possible (3P) reserves in the Bowen and Galilee Basins, building on previously certified gas reserves.

The drilling and appraisal campaign commenced in October, with three wells already completed and three seismic surveys conducted. Up to 13 more wells are planned for 2010, including wells in WestSide's new Galilee Basin tenements.

This campaign supports WestSide's strategy of commercialising known gas assets, identifying and proving up new reserves and seeking new CSG opportunities.

The bulk of the targeted 2P gas reserves are expected to be certified at WestSide's Tilbrook CSG pilot south of Collinsville in the Bowen Basin.

It is anticipated that an application for a Petroleum Lease will be lodged in 2010, allowing the Company to commercialise its CSG reserves.

WestSide's Chairman and CEO Angus Karoll said the CSG reserve targets are ambitious, but the Company is confident that its program can deliver these results.

"Gas flows from our Tilbrook horizontal wells indicate a commercial resource, and early results suggest the Mount Saint Martin prospect, to the north of Tilbrook, could be even better," Mr Karoll said.

The Company has already certified 211 PJ of 3P CSG reserves from early work at its two Bowen Basin tenements.

WestSide's new Galilee Basin tenements could contribute up to 1,248 PJ of 3P reserves if drilling is successful in 2010.

"We have great expectations for our new Galilee Basin tenements. The Galilee Basin is Queensland's last frontier for CSG and the area has the potential to contain a huge resource," Mr Karoll said.

          PJ (WestSide share)---------------------------------------                    2P         3P                 ------  --------------                   2010    2010                 Target  Target Current---------------------------------------ATP 769P             18     107     135ATP 688P             93     355      76Galilee Basin         -   1,248       ----------------------------------------Total               111   1,710     211---------------------------------------
    
      
        
          
            
            
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WestSide Corporation Ltd
Angus Karoll
Chairman and Acting CEO
TEL: +61-7-3020-0900