WCL 0.00% 39.5¢ westside corporation limited

reserves released!

  1. sle
    10,801 Posts.
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    The last paragraph is very very interesting!!!! Puts credence to the slice of Mungi theory as well!!

    WestSide’s share of 3P reserves from the initial area addressed by the Tilbrook pilot within ATP688P has been certified at 76 PJ. This result is consistent with WestSide’s previous gas-in-place estimates for the area, providing an increased level of
    confidence that the Company can convert its share of gas in place, estimated at 1,475 billion cubic feet (bcf), into commercial reserves.
    WestSide has booked 135 PJ of 3P gas reserves at its Paranui pilot in ATP769P.
    The result confirms WestSide’s expectations for the broader ATP769P, which it estimates contains up to 505 bcf of gas in place (WestSide share) to a depth of 1,000m. Substantially higher quantities of gas in place could be accessed through drilling to depths greater than 1,000m.
    WestSide’s $18 million, fully-funded drilling program will continue, with emphasis now turning to testing production from its first dual-lateral horizontal well at the Tilbrook
    pilot. This well will aim to convert some of the existing 3P reserves into Proved and Probable (2P) reserves during the fourth-quarter of 2009.
    The Company has initiated planning to expand the program with the intent of further increasing overall reserves. WestSide’s aim is to accumulate at least 250 PJ of 2P
    and 1,000 PJ of 3P gas reserves in the near term through its current program and its strategy of proving up new reserves and seeking further CSG opportunities.
 
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