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Brisbane, June 14, 2011 (ABN Newswire) - WestSide Corporation Limited (
ASX:WCL) is pleased to advise that Mitsui E&P Australia Pty Ltd (Mitsui) has today executed farm-in agreements with WestSide to acquire a 49 per cent interest in each of the Company's Galilee Basin tenements, ATP 974P and ATP 978P.
As previously announced, Mitsui notified WestSide on 1 November 2010 of an intention to exercise its option to farm in to the tenements, subject to negotiation of mutually agreeable farm-in and operating agreements.
WestSide's Chief Executive Officer Dr Julie Beeby welcomed Mitsui's execution of the agreements to jointly explore the tenements encompassing 14,480km2 in a prospective area acknowledged as Queensland's last coal seam gas (CSG) frontier.
"The ownership structure of this new joint venture aligns with our existing Meridan SeamGas joint venture with Mitsui at Moura in Queensland's Bowen Basin and extends this alliance into the Galilee," Dr Beeby said.
A settlement payment of A$1.6 million, based on reimbursement of 49 per cent of WestSide's costs to date, is scheduled to occur following Queensland Ministerial approval of the change in tenement interests.
WestSide as Operator expects exploration drilling to commence shortly within the tenements, containing an estimated 21 trillion cubic feet of gas in place.
A map showing the location of the Galilee Basin tenements can be viewed at: http://www.abnnewswire.net/media/en/docs/67912-ASX-WCL-232630.pdf
About Mitsui E&P Australia Pty Ltd
Mitsui E&P Australia Pty Ltd is a subsidiary of one of Japan's biggest corporations, Mitsui & Co. Ltd (TYO:8031). The Mitsui group has approximately 150 offices around the world, spanning 66 countries.
The Mitsui group has wide experience in equity investment, marketing, trading and finance covering all components in the Liquefied Natural Gas (LNG) value chain. It has been involved in the production of LNG globally since 1973 and is participating in nine major LNG projects which deliver substantial volumes of LNG to the Asian market.
ASX:WCL) is pleased to advise that Mitsui E&P Australia Pty Ltd (Mitsui) has today executed farm-in agreements with WestSide to acquire a 49 per cent interest in each of the Company's Galilee Basin tenements, ATP 974P and ATP 978P.As previously announced, Mitsui notified WestSide on 1 November 2010 of an intention to exercise its option to farm in to the tenements, subject to negotiation of mutually agreeable farm-in and operating agreements.
WestSide's Chief Executive Officer Dr Julie Beeby welcomed Mitsui's execution of the agreements to jointly explore the tenements encompassing 14,480km2 in a prospective area acknowledged as Queensland's last coal seam gas (CSG) frontier.
"The ownership structure of this new joint venture aligns with our existing Meridan SeamGas joint venture with Mitsui at Moura in Queensland's Bowen Basin and extends this alliance into the Galilee," Dr Beeby said.
A settlement payment of A$1.6 million, based on reimbursement of 49 per cent of WestSide's costs to date, is scheduled to occur following Queensland Ministerial approval of the change in tenement interests.
WestSide as Operator expects exploration drilling to commence shortly within the tenements, containing an estimated 21 trillion cubic feet of gas in place.
A map showing the location of the Galilee Basin tenements can be viewed at: http://www.abnnewswire.net/media/en/docs/67912-ASX-WCL-232630.pdf
About Mitsui E&P Australia Pty Ltd
Mitsui E&P Australia Pty Ltd is a subsidiary of one of Japan's biggest corporations, Mitsui & Co. Ltd (
TYO:8031). The Mitsui group has approximately 150 offices around the world, spanning 66 countries.The Mitsui group has wide experience in equity investment, marketing, trading and finance covering all components in the Liquefied Natural Gas (LNG) value chain. It has been involved in the production of LNG globally since 1973 and is participating in nine major LNG projects which deliver substantial volumes of LNG to the Asian market.
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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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>>>          Mitsui and Co., Ltd>>> WestSide Corporation Limited |
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