WestSide Corporation Limited (ASX:WCL) Coal Seam Gas Acquisition Nears Completion
WestSide Corporation Limited (ASX:WCL) Coal Seam Gas Acquisition Nears Completion

Brisbane, June 29, 2010 AEST (ABN Newswire) - WestSide Corporation Limited (googlechartASX:WCL) is close to completing the A$26.8 million joint venture acquisition that will transform it from explorer to coal seam gas producer and operator.

The company today announced Queensland's Department of Economic Development and Innovation had given indicative approval for the acquisition. Completion of the acquisition is now expected within days.

WestSide is acquiring a 51% interest in the producing Dawson coal seam gas fields near Moura in Queensland's Bowen Basin for A$26.8 million. Its joint venture partner Mitsui E&P Australia will hold the remaining 49%.

WestSide CEO and Chairman Angus Karoll said WestSide's operational team was on site in Moura and would take control of the operations once legal documents relating to the transfer of existing gas sale contracts were executed. Final drafting of these agreements is currently in progress.

"The Queensland Government's granting of indicative approval of the transaction means a significant milestone for WestSide is about to be reached," Mr Karoll said.

"We are close to finalising agreements with the gas customer and our operations team has been working with the existing operator, Anglo, in recent weeks to ensure a smooth transition."

After completion of the acquisition, WestSide will hold a 51% interest in the gas fields, associated pipelines and gas compression facilities.

For the complete WestSide announcement including Dawson Gas Field Area Of Operations Map, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63195-ASX-WCL-221657.pdf

Contact

Angus Karoll
Chairman and CEO
WestSide Corporation Ltd
Ph: +61-7-3020-0900
www.westsidecorporation.com



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