Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

WestSide Corporation increases gas reserves by 34.5%  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 12/02/2013

No. of Ratings : 0
Add to Mixx!


 


(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.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help