the australian - galilee - csg new frontier

EXE has 26800km2 of CSG and shale gas tenements, targeting 35TCF of CSG potential.

============


http://www.theaustralian.news.com.au/business/story/0,28124,26021488-36418,00.html

COAL seam gas ground and astronomical guestimates of potential reserves appear to go hand-in-hand.
The latest is from Brisbane junior WestSide , who has secured two exploration tenements in what’s being called the new frontier for Queensland CSG - the Galilee Basin.

WestSide says the area could contain up to 21 trillion cubic feet of gas in the Galilee, which is further from markets and lacks the infrastructure of the more established Bowen and Surat Basins.

To put that in perspective, the $50 billion Gorgon project to be built on Western Australia’s Barrow Island has reserves, said to be the nation’s biggest, of 40tcf, which is about the same Santos reckons it could have in CSG in NSW’s Gunnedah Basin.

Arrow Energy’s claims it could be sitting on 70tcf of CSG in Queensland.

Of course, the difference is the CSG figures have not been proved up and there will be years of drilling before the trumpeted numbers can be tested.

WestSide’s Galilee gas is equidistant between the domestic Townsville and Mt Isa gas markets.

Shareholders will get to vote on the deal to buy the tenements off WestSide chairman Angus Karoll’s private company Nazara next month.

WestSide’s main focus is still on getting its 211 petajoules (about 200 billion cubic feet) of proven, probable and possible reserves in the Bowen Basin to market.

Which is why it is tipped as a likely buyer of AngloCoal’s CSG ground and infrastructure, which is right next door to WestSide’s Paranui ground and has been on the block since early in the year.

An announcement on the delayed sale, which analysts said could raise $200m, is expected soon, Anglo says.