WCL 0.00% 39.5¢ westside corporation limited

2010 year of transition for wcl

  1. 7,359 Posts.
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    I see WCL coming of age in 2010.
    2009 was a bit disappointing for us, but at least WCL got a good start on its Pilots, got some actual reserves certified, got the Shramm Rig operating, and got its hands on the Galilee basin permits.

    I see 2010 as being the year of growth for WCL because:
    1. it has planned a big drilling campaign for 2010
    2. it has stated it is focussed on proving-up commercial quantities of reserves.
    3. it has stated it has the cash in bank to reach the level of reserves it is targetting.
    4. BG/QGC has evidently been pushing WCL to hurry-up and drill the deeper Paranui well ie 1200-1500m.
    5. that depth will expand the possible GIP at paranui exponentially ie I recall an extra 500m is expected to triple the GIP there ( Paranui is right beside Anglo/Molopo infrastructure).
    6. WCL has planned for a number of wells to be drilled in GB permits - Blue Energy has had some encouraging results from their wells.
    7. Galillee Basin - WCL has acquired these GB assets at a bargain price. WCL has stated it is looking to farm-out interests in the GB assets. At the very least. WCL should achieve a cash payment, or a free-carry of drilling costs.
    8. One can expect a major player to have an interest in a Farmin, as Origin was evidently the underbidder.
    9. any announcement of a farmout to a major player should give the SP a decent kick along.
    10. we can expect a significant increase in the certified reserves position of WCL through 2010.
    11. mgt now understands that better communication is needed by the market.
    12. mgt stated that it intends to "commercialise" reserves, and they seem to be leaning towards power generation and LPG.

    Here's to an exciting 2010.

    cheers
 
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