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Sydney, Mar 12, 2010 (ABN Newswire) - AUDIO: Westside Corporation (
ASX:WCL) CEO, Angus Karoll Speaks with Brian Carlton On Joint Venture with Mitsui LNG
Highlights:
- Enters significant Joint Venture agreement with Mitsui
- Queensland's first production CSG Gas Field
- Transformation of Westside to Major Producer of CSG as well as exploration
- Over 120 wells purchased in the deal
- Transformation of Westside from Explorer to Producer
- Mitsui has full participation in the value chain from upstream gas fields to receiving facilities in Japan
- Westside 51% in the JV and funding by coming to Market shortly with placement and rights issue
- Partnering with Arrow Energy and BG
- Contract with AGL for domestic supply to 2015, contract value AU$120 Million
- Queensland Nitrate Facility is adjacent to the tenements
- Excess pipline capacity
- Gas Resources exceeds combined resources of Bass Straight, Cooper Basin and Northwest Shelf
- Lifespan of Dawson to exceed 20 years
- Joint Venture allows leverage of adjacent tenements directly into the new infrastructure
- Investors can expect an expanded reserve and transformation from Explorer to Producer resulting in significant increase in cash flow
Audio Link:
http://www.abnnewswire.net/multimedia/en/62439/Westside
Contact:
WestSide Corporation Ltd
Angus Karoll Chairman and CEO
TEL: +61-7-3020-0900
ASX:WCL) CEO, Angus Karoll Speaks with Brian Carlton On Joint Venture with Mitsui LNG Highlights:
- Enters significant Joint Venture agreement with Mitsui
- Queensland's first production CSG Gas Field
- Transformation of Westside to Major Producer of CSG as well as exploration
- Over 120 wells purchased in the deal
- Transformation of Westside from Explorer to Producer
- Mitsui has full participation in the value chain from upstream gas fields to receiving facilities in Japan
- Westside 51% in the JV and funding by coming to Market shortly with placement and rights issue
- Partnering with Arrow Energy and BG
- Contract with AGL for domestic supply to 2015, contract value AU$120 Million
- Queensland Nitrate Facility is adjacent to the tenements
- Excess pipline capacity
- Gas Resources exceeds combined resources of Bass Straight, Cooper Basin and Northwest Shelf
- Lifespan of Dawson to exceed 20 years
- Joint Venture allows leverage of adjacent tenements directly into the new infrastructure
- Investors can expect an expanded reserve and transformation from Explorer to Producer resulting in significant increase in cash flow
Audio Link:
http://www.abnnewswire.net/multimedia/en/62439/Westside
Contact:
WestSide Corporation Ltd
Angus Karoll Chairman and CEO
TEL: +61-7-3020-0900
About WestSide Corporation Limited
WestSide Corporation Limited (ASX:WCL) is an ASX-listed company with interests in coal seam gas (CSG) projects in Queensland.
WestSide operates the Meridian SeamGas CSG fields west of Gladstone in Queensland's Bowen Basin. The Meridian gas fields comprise a range of CSG assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland's commercial gas network. WestSide holds a 51% interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49%.
Elsewhere in the Bowen Basin, WestSide is currently operating an exploration and appraisal program at the ATP 769P (Paranui) and ATP 688P (Tilbrook and Mount Saint Martin) sites. WestSide holds a 25.5% interest in the tenements with Mitsui E&P Australia Pty Ltd, which has a 24.5 % interest in each, and QGC, which holds the other 50% in each case.
WestSide also has a 51% operating interest in two Galilee Basin (Queensland) tenements (ATP 974P and ATP 978P) covering an area of over 14,480 sq km, with Mitsui E&P Australia Pty Ltd holding the remaining 49% in each.
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Related Companies |
>>>         AGL Energy Limited>>> Arrow Energy>>> BG Group plc>>>  Mitsui and Co., Ltd>>> WestSide Corporation Limited |
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Gas & Oil | Energy General | Financial General | Mining | |
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