WestSide gives up on Galilee

WESTSIDE has relinquished its hold over permits ATP 974 and ATP 978 in Queensland’s Galilee Basin after it was unable to find a farm-out or sale deal for the leases.

Andrew Snelling

The company notified the Queensland Department of Natural Resources and Mines of its intentions as it shifted its focus to its producing Meridian SeamGas 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,” WestSide managing director Mike Hughes said.

“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.”

The company stated that the relinquishment would have no bearing on its Bowen Basin exploration leases ATP 688 and ATP 769, nor would it affect the group’s June 30 half-yearly report, as it had accounted for the carrying value of the Galilee permits in the previous financial year.