ABN Newswire

WestSide Corporation Limited (ASX:WCL) Indicative Takeover Proposal Withdrawn

newsroom@abnnewswire.net — Tue, 14 May 2013 15:18:45 GMT

WestSide Corporation Limited (ASX:WCL) has been advised by PetroChina International Investment Company Limited (PetroChina), which submitted an indicative, non-binding proposal to acquire 100 per cent of the shares in WestSide on 19 November 2012, that it will not proceed with the proposal. PetroChina has advised WestSide that it has decided to withdraw from negotiations in relation to the proposal "because the general situation in Australia has changed so much".

WestSide's Executive Chairman Mr Angus Karoll said the Board was disappointed with the advice received from PetroChina given the level of cooperation afforded to them over several months, including the amount of management time invested and the patience of the Company's shareholders throughout the process.

"Importantly, I believe the bidder had a positive view on the quality and value of the Company's core Meridian SeamGas asset," Mr Karoll said.

Since receiving the non-binding acquisition proposal from LNG Limited in February 2012, WestSide's Board has explored a number of transaction structures with the objective of maximising shareholder value. The options available to WestSide, a number of which remain under active consideration, include long term gas sale agreements, joint ventures and the sale of 100 per cent of the shares in the Company.

Discussions with interested parties remain active and will continue to be progressed as a matter of priority following the withdrawal of PetroChina. Other strategic parties are continuing their due diligence investigation of the company with the objective of developing proposals for consideration by the WestSide Board, but there is no certainty that an offer acceptable to the Board will eventuate.

"WestSide will intensify its focus on several valuable commercial opportunities available to the Company as an emerging independent gas producer in Australia's burgeoning energy market, while due diligence by other parties continues. The Board remains committed to delivering the best outcome for shareholders" Mr Karoll said.

Over the last 12 months, the Company has observed increasing shortages of gas for Queensland's Liquefied Natural Gas (LNG) projects and to satisfy domestic gas demand. Recently-completed gas sale agreements by other parties and proposals received by the Company indicate a material firming in gas prices over the last six months.

This firming in gas prices has further reinforced the strategic value of the 680 PJ of Proved and Probable (2P) gross gas reserves at Meridian SeamGas, the vast majority of which remains uncontracted. Meridian SeamGas remains in a strong position to supply the Queensland domestic and export gas markets being the closest producing gas field to Gladstone, just 160km to the east, and is connected via the Queensland Gas Pipeline.

The Board will continue to pursue options which allow shareholders to fully participate in the strategic value that the Company offers to parties short of gas.

WestSide will continue to keep the market informed of any material developments in accordance with its disclosure obligations.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Shareholder Letter - Quarterly Activities Report

newsroom@abnnewswire.net — Wed, 8 May 2013 17:14:43 GMT

During the March quarter WestSide Corporation Limited (ASX:WCL) engaged with independent certifer MHA Petroleum Consultants LLC to deliver another substantial increase in the Company's net certifed reserves across all categories including a 34.5% increase in Proved and Probable (2P) reserves to 347 PJ.

WestSide's net share of sales revenue from Meridian of $1.89 million was up 37.9% on the previous corresponding March quarter, but down 3.1% from the $1.95 million reported in the December quarter.

March quarter production was affected by a number of factors including the impact of wet weather at Meridian SeamGas during late January and early March while gas sales were curtailed due to a temporary fall in demand associated with regional flooding in the wake of ex-Cyclone Oswald.

Wells taken off-line for the Advanced Treatment Trial continued to impact production during the quarter. The remediated wells are being progressively completed and returned to production and another series of wells have been identifed for treatment if this trial proves to be technically and commercially successful.

Future gas sales will be slightly affected by the loss of third party gas from the adjacent Mungi Field which had been supplying Meridian SeamGas with about 0.5 TJ/d until early April when water pumping ceased.

The engineering team is now concentrating on the installation and commissioning of a new 200 HP booster compressor which was recently delivered on site.

WestSide remains committed to meeting milestone conditions under Meridian's Transitional Environmental Plan to bring legacy dams and water management for PL94 into compliance with Queensland's upgraded policy standards. Conditions for an Environmental Authority for a new Area Pipeline Licence to optimise !eld integration plans are also expected to be finalised during the quarter.

On 20 November 2012, WestSide announced that an indicative, conditional, non-binding and confidential proposal had been received from a party which has conducted extensive due diligence on the Company.

This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.

On 5 March 2013 WestSide announced that the Board had decided to bring negotiations regarding the indicative takeover proposal process to a conclusion in the near term.

The Board is working to conclude the process as soon as possible and will keep the market informed of any material developments.

The Company had $20 million in cash at 31 March 2013.

To view the Quarterly Report in full, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-734441.pdf

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Quarterly Activities Report

newsroom@abnnewswire.net — Tue, 30 Apr 2013 13:26:14 GMT

During the March quarter WestSide Corporation Limited (ASX:WCL) engaged with independent certifier MHA Petroleum Consultants LLC to deliver another substantial increase in the Company's net certified reserves across all categories including a 34.5% increase in Proved and Probable (2P) reserves to 347 PJ(1).

WestSide's net share of sales revenue from Meridian of $1.89 million was up 37.9% on the previous corresponding March quarter, but down 3.1% from the $1.95 million reported in the December quarter.

March quarter production was affected by a number of factors including the impact of wet weather at Meridian SeamGas during late January and early March while gas sales were curtailed due to a temporary fall in demand associated with regional flooding in the wake of ex-Cyclone Oswald.

Wells taken off-line for the Advanced Treatment Trial continued to impact production during the quarter. The remediated wells are being progressively completed and returned to production and another series of wells have been identified for treatment if this trial proves to be technically and commercially successful.

Future gas sales will be slightly affected by the loss of third party gas from the adjacent Mungi field which had been supplying Meridian SeamGas with about 0.5 TJ/d until early April when water pumping ceased.

The engineering team is now concentrating on the installation and commissioning of a new 200HP booster compressor which was recently delivered on site.

WestSide remains committed to meeting milestone conditions under Meridian's Transitional Environmental Plan to bring legacy dams and water management for PL94 into compliance with Queensland's upgraded policy standards. Conditions for an Environmental Authority for a new Area Pipeline Licence to optimise field integration plans are also expected to be finalised during the quarter.

On 20 November 2012, WestSide announced that an indicative, conditional, non-binding and confidential proposal had been received from a party which has conducted extensive due diligence on the Company.

This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.

On 5 March 2013 WestSide announced that the Board had decided to bring negotiations regarding the indicative takeover proposal process to a conclusion in the near term. The Board is working to conclude the process as soon as possible and will keep the market informed of any material developments.

The Company had $20 million in cash at 31 March 2013.

To view the full quarterly report, please visit:

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Indicative Takeover Proposal Update

newsroom@abnnewswire.net — Tue, 5 Mar 2013 10:47:15 GMT

WestSide Corporation Limited (ASX:WCL) advises that discussions are continuing with parties which have expressed an interest in entering into material transactions with the company, including the potential acquisition of 100% of the shares in WestSide.

The WestSide Board has decided to bring this process to a conclusion in the near term.

WestSide will keep the market informed of any material developments in accordance with its disclosure obligations. However, uncertainty remains as to whether any binding proposal which might be acceptable to the WestSide Board will eventuate.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Gas Reserves Substantially Upgraded With Total 2P Reserves Up 34.5%

newsroom@abnnewswire.net — Tue, 12 Feb 2013 10:13:04 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to announce a significant upgrade to its certified reserves after receiving a new reserves report on the Meridian SeamGas CSG gas field near Moura in Queensland's Bowen Basin.

The report was commissioned by WestSide from independent reserve certifiers MHA Petroleum Consultants LLC, as part of a regular review of the Company's assets with particular focus on Meridian SeamGas production results for calendar 2012.

WestSide's total net 1P reserves were up 40.7 PJ to 47.2 PJ - a more than six-fold increase from 6.5 PJ - while 2P reserves rose 34.5 per cent or 89 PJ from 258 PJ to 347 PJ and 3P reserves increased 22 per cent or 160 PJ from 725 PJ to 885 PJ.

The reserves were certified in accordance with SPE PRMS guidelines.

WestSide's Chief Executive Officer Dr Julie Beeby welcomed MHA's report which she said acknowledged the Company's achievements as Operator by bringing new wells into production at Meridian and extending the life and productivity of existing wells within the field.

"This reserves upgrade validates the effectiveness of WestSide's operating practices and particularly our success in rejuvenating older wells to improve Estimated Ultimate Recovery (EUR) per well, which in turn has delivered a substantial uplift in Meridian's 2P reserves."

"Importantly, the extension of productive well life enhances projected returns from Meridian's ongoing field development due to the anticipated future impact of higher gas prices."

Dr Beeby said there still remained significant upside to the current total reserve position, particularly to further increase 2P reserves through the conversion of 3P reserves from both upper seams and seams below 800 metres.

"The recognition of 3P reserves in the upper seams, as well as in the deeper seams to a depth cut-off to 1,350 metres, provides large upside for further reserves maturation and growth in the years ahead."

The reserves increase confirms WestSide's position as one of Australia's leading listed junior Coal Seam Gas companies with significant uncontracted 2P reserves just 160km west of Gladstone.

View the WestSide Corporation announcement at the link below:
http://media.abnnewswire.net/media/en/docs/74665-ASX-WCL-719881.pdf

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Indicative Takeover Proposal Update

newsroom@abnnewswire.net — Tue, 8 Jan 2013 09:53:56 GMT

WestSide Corporation Limited (ASX:WCL) advises that it is continuing to progress discussions with the party which submitted an indicative, conditional, non-binding and confidential proposal on 19 November 2012.

The proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents per share. However, uncertainty remains as to whether any binding proposal which might be acceptable to the WestSide Board will eventuate.

The Board reiterates its earlier advice that shareholders take no action at this time.

WestSide will keep the market informed of any material developments in accordance with its disclosure obligations.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Indicative takeover proposal update

newsroom@abnnewswire.net — Wed, 12 Dec 2012 10:00:51 GMT

WestSide Corporation Limited (ASX:WCL) advises that the party from which the Company received an indicative, conditional, non-binding and confidential proposal on 19 November 2012, has requested and been granted additional time to conclude due diligence.

WestSide initially agreed not to solicit proposals from other parties for a period of three weeks to allow time for further due diligence and negotiation.

The Board has now extended this period by a further 9 days to 21 December 2012 and reiterates advice that shareholders take no action at this time.

The proposal involved the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share. However, uncertainty remains as to whether any binding proposal which might be acceptable to the WestSide Board will eventuate.

WestSide will keep the market informed of any material developments in accordance with its disclosure obligations.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Annual General Meeting - CEO's Presentation

newsroom@abnnewswire.net — Thu, 22 Nov 2012 10:27:36 GMT

WestSide Corporation Limited (ASX:WCL) are pleased to provide the CEO's Presentation at the Annual General Meeting 2012.

Mission: WestSide identifies, commercialises and maximises the value of existing and new gas reserves to provide innovative energy outcomes in a sustainable manner for the benefit of all stakeholders.

Vision: WestSide aims to be an Australian energy sector leader highly valued for its people, partnerships, innovation and performance.

View the CEO Presentation at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-707919.pdf

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Chairman's Address to Shareholders

newsroom@abnnewswire.net — Thu, 22 Nov 2012 10:19:31 GMT

WestSide Corporation Limited (ASX:WCL) are pleased to provide the Chairman's Address to Shareholders at the Annual General Meeting 2012.

Good morning everyone. Welcome to the sixth Annual General Meeting of WestSide Corporation Limited.

During the 2012 financial year WestSide consolidated its position as a CSG production and exploration company.

While doing so we achieved significant momentum in our quest to unlock the latent value within the Meridian SeamGas business at Moura in Queensland's Bowen Basin.

This certainly is an exciting time for the Australian gas industry and more particularly in Queensland. More than $50 billion dollars of investment is pouring into the three LNG projects at Gladstone and within three years they will be exporting to a global market.

WestSide is ideally placed to participate in this market through its operating interest in Meridian SeamGas - the closest producing gas field to Gladstone with uncontracted 2P gas reserves available from 2015.

Throughout the extended period of takeover-driven uncertainty this year, WestSide has sought to remain focused on achieving its business targets and completing work programs to continue adding value to the Company's assets.

Production during the second half of the financial year achieved an impressive upward trend. This reflected the success of our well work-over programs and rising contribution from new wells which accounted for approximately 35 per cent of gas sales at the end of the period.

Since then several of Meridian's new high performance wells and other wells have had to be taken off line for work-overs and production has temporarily levelled-off. Of course, we have been concentrating on getting these wells back into full production as quickly as possible.

The Meridian operation is on the cusp of breaking even on an operating cash cost basis at current gas prices which are forecast to more than double to between $7 and $9 a gigajoule over the next few years.

The Company's reserves base also significantly expanded across all categories during the year, generating significant shareholder value at low cost through the certification of previously excluded coal seams at Meridian and recognition of production from new and rejuvenated wells.

WestSide has built a talented team of experienced oil and gas professionals who are providing the Company with an innovative edge.

WestSide remains well positioned to benefit from rising demand for domestic gas and feedstock for export LNG and the higher pricing that this growth is expected to generate.

However, despite our competitive advantages your Company still faces some significant headwinds and challenges in the form of cost pressures, increased regulation and constrained capital markets.

In this dynamic environment, your Board remains focused on growing and unlocking value by acting at all times in the strategic, long-term best interests of the Company and shareholders.

While WestSide's future looks bright, it is important to differentiate between the Company's business prospects and achieving the best financial return for shareholders.

In recognition of WestSide's progress and achievement, the Board received an indicative takeover proposal from Liquefied Natural Gas Limited (LNG Ltd) in February 2012.

Following receipt of LNG Ltd's indicative proposal, non-exclusive access to conduct due diligence was granted to LNG Ltd and its associated parties and other parties approached by Westside's advisers.

Clearly discussions with interested parties and the ensuing due diligence process developed into a lengthier exercise than the Board had initially envisaged.

However, your Board decided to explore all potential transactions with a view to maximising shareholder value and we were reluctant to set deadlines which might have hindered our ability to do so.

As announced on Tuesday, WestSide has received a new indicative, conditional, non-binding and confidential proposal to acquire 100 per cent of the shares in WestSide for a cash consideration of 52 cents a share.

The party which has submitted the proposal has required that its identity be kept confidential at this stage. Clearly however, it is not LNG Ltd as they have since advised the market that they had not submitted a new takeover offer to WestSide and have no intention to do so.

The Board has not yet formed a view on the indicative offer price and shareholders are advised to take no action at this time while the Board assesses the proposal.

The Board has agreed that WestSide will not solicit other competing proposals for a three week period to allow time for further due diligence and negotiation.

Uncertainty remains, however, as to whether any binding proposal will eventuate which the WestSide Board could recommend to shareholders.

On behalf of the Board, I would like to thank all members of the WestSide management team, our employees, our joint venture partners and contractors for your valued contribution and ongoing support.

I would also like to thank shareholders for their continued patience as the Board seeks over the coming weeks to negotiate a firm and binding proposal which can be measured against the value of the Company's other available development options.

Angus Karoll
Executive Chairman,
WestSide Corporation Limited

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com

WestSide Corporation Limited (ASX:WCL) Indicative Takeover Proposal

newsroom@abnnewswire.net — Tue, 20 Nov 2012 17:40:49 GMT

WestSide Corporation Limited (ASX:WCL) has received an indicative, conditional, non-binding and confidential proposal from a party which has conducted extensive due diligence on the Company.

This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.

The Board has not yet formed a view on the indicative offer price and advises shareholders to take no action at this time while the Board assesses the proposal.

In the meantime WestSide is facilitating access to final due diligence information which the party submitting the proposal has requested.

The Board has agreed with the party which has submitted the proposal that WestSide will not solicit proposals from other parties for a three week period to allow time for further due diligence and negotiation.

Uncertainty remains as to whether any binding proposal which might be acceptable to the WestSide Board will eventuate.

WestSide will keep the market informed of any material developments in accordance with its disclosure obligations.

Background

WestSide announced on 13 February 2012 that the Company had received an indicative, conditional, non-binding and confidential proposal from a potential acquirer, later identified as Liquefied Natural Gas Limited.

Following receipt of LNG's indicative proposal, WestSide provided due diligence access to LNG and its associated parties, and other parties which were approached by WestSide's advisors (Moelis & Company).

On 15 October 2012, WestSide announced that the Board was seeking firm proposals prior to the Company's Annual General Meeting on 22 November 2012.

WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com