WestSide Reports Steady Half Year Results
WestSide Corporation Limited reported an operating loss for the six months to 31 December 2013 of $5.65 million, consistent with the $5.62 million loss reported for the previous corresponding period.
The result included an operating loss of $3.2 million attributable to the Meridian SeamGas business (including depreciation costs of $3.4 million), down from a loss of $3.5 million during the previous corresponding period.
Revenue from continuing operations for the period was $5.0 million (2012: $4.7m), including $4.0 million from Meridian SeamGas operations (2012: $4.0m) and $0.3 million in interest income (2012: $0.6m). Revenue of $0.7m has been recognized from the release of excess remedy provisions as a result of improved sales volumes in the period (2012: Nil).
Gas sales volumes increased by 3.8% to 1,060 Terrajoules of gas (net to WestSide) in comparison to the corresponding 2012 half year and by 15.8% from the immediately preceding six months.
Meridian has been consistently supplying close to 12 TJ/day of gas for the past six months despite no new wells having been drilled since mid 2012.