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Brisbane, Mar 9, 2010 (ABN Newswire) - Plans by WestSide Corporation Limited (
ASX:WCL) to join Mitsui E&P Australia Pty Ltd to acquire the Dawson Seamgas coal seam gas (CSG) assets in Queensland's Bowen Basin from Anglo American (LON:AAL) (OTC:AAUKY) and Mitsui Moura Investment Pty Ltd ("MMI") have been unaffected by subsequent pre-emption notices relating to neighbouring permits.
MMI and Molopo Energy Limited (ASX:MPO) have exercised pre-emptive rights to acquire Anglo's joint venture interests in tenements ATP 602P and ATP 564P, including a sub-leased portion of Petroleum Lease 94.
These were assets on which WestSide also made a conditional offer to purchase, as detailed in the Company's announcement on 30 December 2009.
However, Chairman and CEO Mr Angus Karoll said decisions by MMI and Molopo to exercise their preemptive rights over these assets had always been anticipated.
"The exercise of their pre-emptive rights over those assets has no bearing on WestSide's agreements announced to the market on 4 March 2010, to acquire Anglo's 51 per cent operating stake in the Dawson CSG fields (PL94 and Mining Lease gas rights) and the associated infrastructure," Mr Karoll said.
WestSide will announce details of fundraising necessary to complete the acquisition as soon as they have been finalised.
ASX:WCL) to join Mitsui E&P Australia Pty Ltd to acquire the Dawson Seamgas coal seam gas (CSG) assets in Queensland's Bowen Basin from Anglo American (LON:AAL) (OTC:AAUKY) and Mitsui Moura Investment Pty Ltd ("MMI") have been unaffected by subsequent pre-emption notices relating to neighbouring permits.MMI and Molopo Energy Limited (
ASX:MPO) have exercised pre-emptive rights to acquire Anglo's joint venture interests in tenements ATP 602P and ATP 564P, including a sub-leased portion of Petroleum Lease 94.These were assets on which WestSide also made a conditional offer to purchase, as detailed in the Company's announcement on 30 December 2009.
However, Chairman and CEO Mr Angus Karoll said decisions by MMI and Molopo to exercise their preemptive rights over these assets had always been anticipated.
"The exercise of their pre-emptive rights over those assets has no bearing on WestSide's agreements announced to the market on 4 March 2010, to acquire Anglo's 51 per cent operating stake in the Dawson CSG fields (PL94 and Mining Lease gas rights) and the associated infrastructure," Mr Karoll said.
WestSide will announce details of fundraising necessary to complete the acquisition as soon as they have been finalised.
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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>>>          Anglo American plc>>> Molopo Energy Limited>>> WestSide Corporation Limited |
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