(MENAFN - ProactiveInvestors - Australia) WestSide Corporation (ASX: WCL) has increased its Proved and Probable (2P) Reserves by 34.5% to 347 petajoules following a full review of its 2012 production results.
The review, carried out by independent reserve certifiers MHA Petroleum Consultants, also marked a more than six-fold increase in Proved Reserves to 47PJ and a 22% increase in Proved, Probable and Possible (3P) Reserve to 885PJ.
Further upside remains in the conversion of 3P reserves in both upper seams and seams below 800 metres into 2P reserves.
WestSide said the upgrade validated its operating practices, particularly its success in rejuvenating older wells to improve Estimated Ultimate Recovery.
Returns are also expected to be higher due to a combination of longer productive well life coupled with the anticipated increase in gas prices.
WestSide had produced 469.5 terajoules of gas in December 2012 quarter, up 27.5% from the previous corresponding period, to generate revenue of 1.95 million.
Discussions are also continuing on an indicative takeover proposal received in November for a cash offer of 52c a share, valuing WestSide at 185 million.