WestSide to Exit Galilee Basin, Focus on Meridian SeamGas

WestSide Corp 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, the company said Tuesday.

“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. '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,” said WestSide’s Managing Director Mike Hughes.

According to WestSide, a process to sell or farm-out the tenement interests failed to identify any other alternative to relinquishment.

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

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