WCL - Westside Corporation

[Sean K]

Encouraging annct just released, flow rates up to 240 000 scfd at Tilbrook, and increasing daily as dewatering continues. Look like it may reach 300 yet

http://www.asx.com.au/asxpdf/20090915/pdf/31kqp5bzhscrf3.pdf

Thanks Kipp. Yes does look promising. I'd almost put these guys in the sin bin but I'll rethink that.


15 September 2009

Coal Seam Gas Flows Increasing Ahead of Target for WestSide

WestSide Corporation Ltd (ASX code: WCL) is pleased to report that gas and water flows from its Tilbrook #8 horizontal coal seam gas (CSG) well are ahead of expectation.

Gas is now flowing at 240,000 standard cubic feet per day* (scfd) and increasing daily with a steady water rate of 400 barrels/day.

WestSide Chairman and acting-CEO Angus Karoll said the rapid increase in gas rates in recent weeks, after only two months of dewatering, has exceeded the Company’s expectations.

“It is anticipated that the gas flow rates will continue to climb to over 500,000 scf/d as dewatering continues,” he said.

“WestSide is targeting commercial flow rates to support the upgrade of some of its existing certified 3P gas reserves to 2P reserves in coming months as it prepares a Petroleum Lease application for the area.”

“This result is another step toward achieving WestSide’s broader strategy of commercialising known gas assets, identifying and proving up new reserves and seeking new CSG opportunities.”

 

[growing]

Just as SANTOS waits for higher reserves certification from ESG before making their move, BG Group is possibly holding out for the same reason on WCL ?

 

[grace]

Encouraging annct just released, flow rates up to 240 000 scfd at Tilbrook, and increasing daily as dewatering continues. Look like it may reach 300 yet

http://www.asx.com.au/asxpdf/20090915/pdf/31kqp5bzhscrf3.pdf

Yes, that is more like it. Didn't get much of a response from the market though. A bit of profit taking on csg stocks at the moment it seems. It has been a nice run of late.

 

[growing]

Yes, that is more like it. Didn't get much of a response from the market though. A bit of profit taking on csg stocks at the moment it seems. It has been a nice run of late.

WCL is holding up strongly i think any kind of decent CSG rally will see this one rise strongly ... (purely my opinion of course)

 

[Cloud9]

WCL is holding up strongly i think any kind of decent CSG rally will see this one rise strongly ... (purely my opinion of course)

just waiting on that 2P upgrade once Tillbrook flows at 500+ a day

look at how close they are to the pipeline, within 50m! for tillbrook 8 lateral



long as 50c holds, this expected news should give it a boost over 55c.

 

[YOUNG_TRADER]

got a nice surprise today with MEL getting a bit of a re-rating still more to be had imo

gives me faith that sometime soon the market will wake up to WCL and how undervalued it is

 

[growing]

I'm going to the AGM --- It's in Brisbane Woohoo !!

Might get some more insight who knows

Doesn't seem to want to move even after that big catalyst segment on CSG

 

[Cloud9]

well 50c truly broken and looking weak again

lets hope that new drilling gets the results we want and need!




can anyone comment on any TA formations? pennant?

 

[johannlo]

Its difficult to interpret V short term from individual stock techs on an all red day like today esp doubly so for energy + mining... just my 2c of course, nothing has changed FA wise as far as us retail mugs are aware of

 

[Cloud9]

well, its testing the 45c lows today, not much suppport at all.



and agree, all the fundamentals havent changed


no debt
big JV partner
lots of cash still (nearly half of MC)
currently with big drill program
good QLD locations

but SP goes nowhere.

 

[growing]

well, its testing the 45c lows today, not much suppport at all.



and agree, all the fundamentals havent changed


no debt
big JV partner
lots of cash still (nearly half of MC)
currently with big drill program
good QLD locations

but SP goes nowhere.

Lack of demand sees a share price which goes nowhere .. I watched an interview with some bigwig on Lateline business the other night who continues to return 20% per annum on his mutual fund where others return a lot less .. He talks of finding and holding onto shares of good value (such as this one) for 1-2 years and being somewhat disconnected from day to day trading .. Eventually the masses see the stock you hold and go "wait a sec" and demand increases along with the share price ...

So patience is the key .. very hard when we are all geared to want everything right now !!

 

[Cloud9]

very true, but I now need that 20% to get back to even for a start

and I am forced to be patient with WCL at 44c!

down on the red day, and nothing on the big green



patience patience

 

[Cloud9]

btw..who is enjoying the read they got in the post for the AMG?

the Deloitte report is very good reading and a well presented overview of the industry.

on page 55, I like the graph on past transactions, nice way to present it.





lets get some 2P booked, and then my patience might be rewarded.

 

[growing]

Encountered 9 metres of coal and capped as a future producer ???

Shouldn't they book reserves there first

 

[Sean K]

Encountered 9 metres of coal and capped as a future producer ???

Shouldn't they book reserves there first

Yes. Very, very

I'm running out of patience with this little pup.

I'll let you know when I sell it, which will be a good buy signal.

 

[growing]

My father went to the AGM of this one.. He reported the CEO/Chairman fumbled his way through the meeting .. there were only 4 actual retail shareholders present.

These guys are taking a very conservative outlook with POSSIBLE decent reserve news coming in March next year.

Slow and steady on this one...

The new Galelio (I forgot the exact spelling) Basin has estimated gas DEEEEP underground which if they can get, will be exciting ....

COI has land right next door in the same basin

sooo, patience, patience and more patience ..

 

[Nero64]

I've been having a look at this stock since MEL's big run up. This one used to trade slightly above the latter.

Looking at it's chart it seems undervalued but if you dig deeper then maybe there is a reason.

It has only 211PJ 3P certified and an additional 1682PJ identified.

It is burning cash at 4-5 Mill per quarter with 20Mill left. Will it last as it starts drilling the new wells.

It has plans to drill 16 wells in 2010.

There is a potential 21000 PJ at Gaililee.

It has only 110 Mill shares outstanding which is good.

I'm a bit hesitant until it gets more reserves certified or it starts getting good results with the undrilled wells. There is potential but I can't see it moving too much higher without some good news. Might be worth holding long term and then pyramiding if anything good happens.

 

[growing]

I've been having a look at this stock since MEL's big run up. This one used to trade slightly above the latter.

Looking at it's chart it seems undervalued but if you dig deeper then maybe there is a reason.

It has only 211PJ 3P certified and an additional 1682PJ identified.

It is burning cash at 4-5 Mill per quarter with 20Mill left. Will it last as it starts drilling the new wells.

It has plans to drill 16 wells in 2010.

There is a potential 21000 PJ at Gaililee.

It has only 110 Mill shares outstanding which is good.

I'm a bit hesitant until it gets more reserves certified or it starts getting good results with the undrilled wells. There is potential but I can't see it moving too much higher without some good news. Might be worth holding long term and then pyramiding if anything good happens.

Yes Nero, I was also attracted to the 110 Mill shares on issue coupled with a relatively small market cap .. I guess it gives them room to raise more capital if it is needed ... however the J.V with BG group (QGC) gives some intrinsic confidence ...

Some reserve upgrades would almost certainly see a rally in my opinion and a takeover is on the cards given the location and existing relationship with BG group. After attending their AGM though it looks like there is an expectation of a reserves upgrade result around March 2010 But that is off the record ..

 

[Wysiwyg]

You would think with near 20 mil. in the bank and 50% of certified reserves with more to come and their potential Indo. CSG plays the price would be higher. But it isn't.

 

[growing]

You would think with near 20 mil. in the bank and 50% of certified reserves with more to come and their potential Indo. CSG plays the price would be higher. But it isn't.

The whole CSG sector has died in the A*@se

Except MEL but then MEL has dropped back a bit already ... there just doesn't seem to be the momentum there was before for some reason .. If any one person could accurately predict human behaviour including their buy/sell decisions that person would be a multi-trillionaire !! + some hehe