This program consists of continued high-impact exploration and development drilling, targeting oil zones below 2,000 m, and deeper drilling below 4,000 m to target the large liquids-rich gas prospects and various workover operations to existing wells.
WestSide Corporation is looking to raise approximately $25.4 million of working capital to meet its near-term growth aspirations across its various operations in Queensland by offering a two-for-five pro rata entitlement offer to shareholders at $0.25 per new share.
WestSide said that the company requires the funds to undertake the next stage of work at the Meridian SeamGas fields in Queensland’s Bowen Basin, with particular focus on maintaining and increasing gas production to supply existing and future customers.
Esso and Oil Search Ltd have each acquired a 50 per cent working interest in New Guinea Energy’s permit PPL 277, located in Papua New Guinea. The companies paid a total of approximately $14.1 million (Esso $7 million, Oil Search $7 million) for the working interest.
The first exploration activity near PPL 277 will be via Esso and Oil Search’s drilling of Trapia-1 on the border of PRL 11 and PPL 277 during the first half of 2012.
North American company Strata-X has been conditionally awarded 100 per cent rights to explore approximately 1.4 million acres in the onshore Canning Basin, located in Western Australia. The acreage award is conditional upon Strata-X complying with the Native Title Act (1993) which is expected to take between 6-12 months.
Strata-X believes the L 11-3 onshore Canning Basin block is prospective for both conventional and unconventional petroleum within the Carboniferous Laurel Formation, and prospective for unconventional petroleum in the deeper Devonian Goldwyer Formation.
QGC has also awarded technical services company WellDog a contract for the provision of downhole gauge systems and services related to installation of the systems for the Queensland Curtis LNG (QCLNG) Project.
The downhole gauge systems will enable QGC to measure bottom hole pressures in its CSG wells, to manage completion performance, and to calibrate its coal seam reservoir models.
WellDog Chief Operations Officer Michael Thomas will be speaking on technical solutions to advance CSG at FutureGAS 2012, to be held from 27-29 March at the Brisbane Convention and Exhibition Centre. Find out more at www.futuregas.com.au