21/09/2009 - 14:31

WGP, Oswal split amicable: Briggs

21/09/2009 - 14:31

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Westralian Gas and Power executive chairman Peter Briggs says the decision to terminate the relationship with Oswal Resources was due to differing views on exploration.

WGP, Oswal split amicable: Briggs

Westralian Gas and Power executive chairman Peter Briggs says the decision to terminate the relationship with Oswal Resources was due to differing views on exploration.

Last week, Westralian announced it will end the joint venture with the Pankaj Oswal-backed company, which was established late last year to for strategic energy opportunities including coal exploration and coal seam gasification in WA.

Westralian had announced last week that it had proposed to Oswal as to how best to end the partnership.

Today, Mr Briggs told WA Business News the split was amicable and that Oswal had first suggested the termination.

He added that both companies had differing views on exploration due to the different structures of both businesses, with Westralian being a public company and Oswal a private firm.

During the partnership, which lasted about 12 months, the JV conducted seismic survey, a small coal drilling program and various other assessments on certain WA tenements.

Mr Briggs said the focus right now for Westralian was coal seam gas, with the ultimate aim of being a domestic gas provider.

"We'll be looking at going alone for a while, but that could change if we strike gas; we might do a major joint venture, who knows," he said.

Mr Briggs added the company had enough funds to pursue its exploration strategy.

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