WestSide Exits Galilee Basin in Queensland

WestSide said it has notified the Queensland Department of Natural Resources and Mines that it will relinquish its interests in ATP 974P and ATP 978P in Queensland’s Galilee Basin to focus on development of its producing Meridian SeamGas gas field.

WestSide has a unique opportunity to benefit from demand growth within the changing East coast gas market through the expansion of the Meridian SeamGas gas field at Moura, west of Gladstone,” said WestSide’s Managing Director Mike Hughes.

“Further investment in the exploration of these challenging non-core Galilee Basin tenements is unlikely to deliver any immediate value to the company and would divert capital and resources away from our primary assets,” he said.

A process to sell or farm-out the tenement interests failed to identify any other alternative to relinquishment.

Importantly, the relinquishment will have no material impact on the results for the year ended 30 June 2014 as the carrying value of the tenements was written-off in the previous financial year.

Hughes said WestSide remained committed to ongoing exploration within the company’s Bowen Basin exploration tenements ATP 688P and ATP 769P.

LNG World News Staff, March 18, 2014; Image: WestSide

 

 

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >