Australia: Mitsui takes Galilee basin CBM farmout

By OGJ editors
HOUSTON, June 15
– Mitsui E&P Australia Pty. Ltd. has signed farmouts to acquire a 49% interest from WestSide Corp. Ltd. in ATP 974P and ATP 978P in the Galilee basin of Queensland, Australia.

Westside as operator expects to start exploratory drilling this year on the tenements, which cover a combined 14,480 sq km of frontier coal seam gas territory with an estimated 21 tcf of gas in place. Mitsui is to pay $1.6 million (Aus.) to reimburse 49% of WestSide’s costs to date following ministerial approval of the change in tenement interests.

WestSide said the ownership structure of the new joint venture aligns with the company’s existing Meridian SeamGas joint venture with Mitsui at Moura in Queensland’s Bowen basin. Meridian produces 4 pj/year of gas.

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