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AN ASX-listed Brisbane coal-seam gas producer today significantly upgraded its gas reserves in the Bowen Basin.
WestSide Corporation (ASX:WCL) recorded increased reserves across all categories of its Meridian SeamGas gas fields. Total proved, probable and possible (3P) reserves increased by 96 per cent to 725 PJ, while proved and probable (2P) ones jumped by 17 per cent to 258 PJ and proved (1P) reserves were up 86 per cent to 6.5 PJ.
The upgrade follows a WestSide-commissioned study by independent reserve certifiers MHA Petroleum Consultants. Research took into account regional and newly interpreted data plus production results for shallow and deeper coal seams within the entire Meridian SeamGas petroleum licence area.
Westside CEO Julie Beeby (pictured) praised the MHA report for providing corporate and regional consistency at Meridian.
“This follows a review of old and new production and test data for all the seams across the region to support the upgrade,” she says.
“The field development plan has also been advanced to account for exploitation of the reserves across a wider area to capture the full potential of additional future gas sales.”
Beeby reveals 2P reserves from the five main coal-seams between 200 metres and 800 metres within PL94 have been assessed and conservatively risked to arrive at the final numbers.
“There remains an upside to the current total reserve position, particularly to further increase the 2P reserves by conversion of the newly certified 3P reserves from the upper and lower seams,” she says.
“The recognition of 3P reserves in the newly certified upper seams, as well as in the deeper seams to a depth cut-off to 1350 metres, provides large upside for reserves maturation and growth.”
Shares in Westside remained flat today at 53 cents per unit.
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