not much at all on this stock here, well its price has not done...

not much at all on this stock here,

well its price has not done great since listing but there sticking to there budget and and have not needed to raise more money , that has to be a good thing!


Westralian Gas and Power Ltd (WGP) has exercised its right to convert the Vasse Special Prospecting Authority (SPA) 2/03-4, Collie SPA 3/03-4 and Wilga SPA 4/03-4 into drilling reservations. The grant of these drilling reservations will allow the company to test drill each of these permits for Coal Seam Methane (CSM) gas. Drilling reservations cover a total area of approximately 720 square kilometres in the South West region of Western Australia. The Collie and Wilga Basins are known to contain coal and previous coal exploration in the Vasse area found large quantities. CSM gas was also observed by drillers but was not considered important. Seismic surveys conducted by the company have delineated a number of possible drill locations in all of the application areas. For the first time, WGP will be drilling the Collie coals to determine the amount of CSM in the area. Westralian Gas and Power conducted a seismic survey of this Vasse area in 2005 and plans to drill at least two wells to a depth of 350m. The company is using local contractors wherever possible to foster a positive relationship with local communities. The coals in the Vasse area are sub-bituminous and gas saturation should be between 200 standard cubic feet per ton (scf/t) and 350 scf/t. The combined thickness of the coals is 20 metres and the study area is 30 square kilometres. This translates to 60 million cubic metres of coal or 792 million tonnes. Assuming a gas recovery rate of 50 per cent then the potential gas resource is 79.2 billion cubic feet (Bcf) to 138.6Bcf. Methane gas extracted from coal seams is a fast developing part of the energy industry worldwide and accounts for eight per cent of the domestic gas supply in the United States and 25 per cent of Queensland’s gas supply.