ABN Newswire

WestSide Corporation Limited (ASX:WCL) Shareholder Newsletter - March Quarter Activites Report

newsroom@abnnewswire.net — Wed, 9 May 2012 11:47:00 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to provide a Quarterly Activities Report for the period ended 31 March 2012.

OPERATING HIGHLIGHTS

- Increased net certifi ed reserves across all categories with Proved, Probable and Possible (3P) reserves up 96% to 725PJ, Proved and Probable (2P) reserves up by 17% to 258PJ and Proved (1P) reserves up 86% to 6.5PJ

- Received indicative, conditional, non-binding takeover proposal from LNG Limited to acquire all of the shares in WestSide for cash consideration of $0.65 per share (pre rights issue)

- March quarter production, excluding fuel gas, up 22.1% on the same period last year and 10.8% on the previous December quarter

- Sales volumes up 9.3% on the previous December quarter with revenue to WestSide up 7.9% at $1.37million

- New Pretty Plains 10 dual-lateral well achieves a production rate of 1,000,000 scf/d

Subsequent to the end of the quarter:

- Signed agreement with the owners of the adjacent coal mine to optimise management of fi ve Meridian well-sets within a co-development area of the mining lease

- Completed $25.4million capital raising to fund production and exploration work programs

To view the complete WestSide Corporation Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-241791.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 — Mon, 30 Apr 2012 17:07:00 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.

HIGHLIGHTS

- Increased net certified reserves across all categories, with 2P reserves up 17% to 258PJ and 3P reserves up 96% to 725 PJ

- Received an Indicative Proposal to take over the company for consideration of 65 cents a share

- March quarter production up 22.1% on same period last year and 10.8% on previous quarter

- Delivered 434.1 TJ of gas for gross revenue of $1.37m - up 7.9% on previous quarter

- Pretty Plains 10 achieved production highs in excess of 1,000,000 scf/day

- Undertook successful $25.4m capital raising to fund production and exploration programs

OPERATING HIGHLIGHTS
- Increased net certified reserves across all categories with Proved, Probable and Possible (3P) reserves up 96% to 725PJ, Proved and Probable (2P) reserves up by 17% to 258PJ and Proved (1P) reserves up 86% to 6.5PJ

- Received indicative, conditional, non-binding takeover proposal from LNG Limited to acquire all of the shares in WestSide for cash consideration of $0.65 per share

- March quarter production, excluding fuel gas, up 22.1% on the same period last year and 10.8% on the previous December quarter

- Sales volumes up 9.3% on the previous December quarter with revenue to WestSide up 7.9% at $1.37 million

- New Pretty Plains 10 dual-lateral well achieves a production rate of 1,000,000 scf/d

- Subsequent to the end of the quarter:

-- Signed agreement with the owners of the adjacent coal mine to optimise management of five Meridian well-sets within a co-development area of the mining lease

-- Completed $25.4 million capital raising to fund production and exploration work programs

To view the complete WestSide Corporation Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-241562.pdf

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

WestSide Corporation Limited (ASX:WCL) Presentation - RBS Morgans Unconventional Oil and Gas Day

newsroom@abnnewswire.net — Wed, 18 Apr 2012 08:27:00 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to provide a presentation regarding the RBS Morgans Unconventional Oil &Gas Day.

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.

To view the complete WestSide Corpration presentation, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-241194.pdf

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

WestSide Corporation Limited (ASX:WCL) March Production Up 22.4% on Last Year as New Wells Ramp Up

newsroom@abnnewswire.net — Tue, 17 Apr 2012 08:23:00 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to advise that March quarter production at Meridian SeamGas was up 10.6 per cent on the December quarter as new Meridian wells continued ramping up and work overs showed results.

Gross field production for the month of March of 305,019 GJ was also up 22.4 per cent from the 249,089 GJ achieved in March 2011.

The upward production trend continued into the first week of April during which the field achieved an average rate of 12.2 TJ/d before excluding fuel gas consumption, as another of the seven new dual-lateral wells reached the desorption point.

WestSide's Chief Executive Officer Dr Julie Beeby said Meridian's seven new dual-lateral wells and three new up-dip laterals were all on pump now for the first time with Pretty Plains 10 flowing gas for the past month at a rate of more than 1,000,000 scf/d.

"However, only four of the wells have been producing significant volumes to date, so we expect to see production continue to build as all these wells ramp up over coming months," Dr Beeby said.

WestSide's average net daily production continued to climb throughout the last quarter, reflecting the increasing contribution from new wells. [Chart 1] Quarterly production regained the upward trend established after the rain-affected March quarter of 2011. [Chart 2].

To view the complete WestSide Corporation announcement including Chart 1 & 2, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-241161.pdf

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

WestSide Corporation Limited (ASX:WCL) $25.4m Offer Closes Oversubscribed

newsroom@abnnewswire.net — Thu, 12 Apr 2012 12:49:00 GMT

WestSide Corporation Limited (ASX:WCL) is pleased to announce that the Company's fully-underwritten, 2-for-5 pro rata non-renounceable Entitlement Offer and Top Up Facility ("Offer") at A$0.25 per share, raising $25.4 million, has closed well oversubscribed.

The Offer was oversubscribed with demand exceeding the 101,676,540 shares available under the Offer (the "New Shares") by 19 per cent. WestSide's Australian and New Zealand-based shareholders took-up, on average, 93 per cent of their Entitlements.

Major shareholders Energy Infrastructure Trust and New Hope Corporation Limited and all Non-executive Directors subscribed for their full Entitlements. Executive Chairman Angus Karoll took-up 96 per cent of his Entitlement.

Mr Karoll said: "We value the very solid support received from both our retail and institutional shareholders to enable WestSide to pursue near-term growth aspirations across the Company's various operations in Queensland."

Mr Karoll said work during the year ahead would be directed at maintaining and increasing gas production at Meridian SeamGas to supply existing and future customers and advancing joint venture exploration programs within WestSide's other Bowen Basin and Galilee Basin tenements.

WestSide received applications totalling $30.0 million in respect of the Offer, including applications for Entitlements of $19.8 million and applications under the Top Up Facility of $10.2 million. As applications under the Top Up Facility have exceeded the shortfall, no New Shares are required to be taken up by the Underwriter, RBS Morgans Corporate Limited.

Scale-back of Top Up Facility applications

Shareholders who submitted valid applications for their Entitlements will receive their Entitlements in full. The remaining 21,965,849 New Shares will be allocated to Shareholders who applied for additional New Shares under the Top Up Facility ("Additional Shares").

Given the strong demand for New Shares under the Offer, it has been necessary to scale back applications for Additional Shares under the Top Up Facility.

Under the scale-back policy applied, the number of Additional Shares that each applicant will receive under the Top Up Facility will be capped at approximately 2.7 times their original Entitlement under the Offer.

WestSide's decision on the number of Additional Shares allocated under the Top Up Facility is final.

Allotment and issue of all the New Shares under the Offer (including under the Top Up Facility) will occur on Tuesday 17 April 2012, along with despatch of Holding Statements and CHESS notices. Refunds for unfilled applications under the Top Up Facility will be despatched to Shareholders on or around Wednesday 18 April 2012.

Shareholders who applied for additional New Shares and want to trade their New Shares prior to receiving their Holding Statement should confirm their allocation before doing so.

The New Shares are expected to commence normal trading on the ASX on Wednesday 18 April 2012.

Shareholders can contact WestSide's share registry via the shareholder information line between 8.15am and 5.30pm AEST: 1300-737-760 (Australia) or +61-2-9290-9600 (International).

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

WestSide Corporation Limited (ASX:WCL) Meridian Executes Beneficial Legacy Well Agreement With Mine

newsroom@abnnewswire.net — Tue, 3 Apr 2012 17:25:00 GMT

As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Limited (ASX:WCL) advises that the Meridian SeamGas joint venture and the owners of the adjacent Dawson coal mine (the "Coal Party") have signed an agreement to optimise management of five well-sets located within a co-development area of the mining lease.

Meridian SeamGas has the right, under a Co-Development Agreement with the Coal Party, to extract gas from specific areas of the mining lease prior to the expansion of mining into those areas. Under this new agreement the Coal Party will be granted access to a 0.8 km2 of the co-development area 12 months earlier than would otherwise be the case.

In return for gaining expedited access the Coal Party has committed to fully compensate Meridian SeamGas for any loss of production from the five wells at agreed gas prices, for a period of two years, should production be adversely affected.

WestSide CEO Dr Julie Beeby said Meridian SeamGas was producing gas from five legacy wells drilled within seams beyond its reserve boundary and would now seal off the non-producing ends of the lateral wells so mining operations could expand into this area immediately.

"The methane drained from this area of the mining lease has always contributed upside to Meridian SeamGas as it has been coming from wells the mine drilled some years ago," Dr Beeby said.

"This new agreement means that we will be compensated for any loss of revenue from these wells for the next two years if production is impacted by the sealing of the lateral well heads, or the mine's subsequent activities affect production."

The compensation arrangements recognise the fact that the lateral sections of these wells will no longer be accessible for work overs once their well heads have been sealed.

Under this new arrangement Meridian SeamGas will gain at least 12 months of additional production revenue at a rate of approximately 2 Terajoules a day from wells which, under the terms of the Co-Development Agreement, would otherwise have had to be decommissioned within 12 months.

The Coal Party will meet the initial cost of sealing the lateral ends of the wells, which potentially could continue to produce gas for extraction via the remaining vertical well sections beyond the two-year compensation period.

Dr Beeby said the Meridian SeamGas project's certified gas reserves would not be affected by this new arrangement because the area concerned had never been included for reserves assessment.

"By working together in this way, the coal and gas parties have jointly ensured optimal recovery of both coal and gas resources for the benefit of all stakeholders," Dr Beeby said.

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

WestSide Corporation Limited (ASX:WCL) Entitlement Offer Ancillary Documents

newsroom@abnnewswire.net — Thu, 22 Mar 2012 17:10:00 GMT

Following release of the Offer Booklet to ASX this morning, please find attached copies of the following ancillary documents relating toWestSide Corporation Limited's (ASX:WCL) entitlement offer ("Offer") announced on 8 March, 2012:

- Sample Entitlement and Acceptance Form;
- Letter to be sent to ineligible foreign shareholders; and
- Letter to be sent to holders of unquoted shares.

Dispatch of the Offer Booklet and personalised Entitlement and Acceptance Forms is expected to be completed today, 22 March 2012.

Any eligible shareholder who wishes to acquire new shares under the Offer will need to complete, or otherwise apply in accordance with, the personalised entitlement and acceptance form that will accompany the Offer Booklet.

Shareholders who have any questions regarding their rights or the mailing of the Offer Booklet and the accompanying Entitlement and Acceptance Form should contact the WestSide shareholder information line on 1300 737 760 (within Australia) or +61 2 9290 9600 (outside Australia) at any time Monday to Friday from 8.15am to 5.30pm (AEDT) during the Offer period, or go to the WestSide website at:
http://www.westsidecorporation.com

To view the WestSide Corporation Entitlement Offer Ancillary Documents, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-240668.pdf

To download the WestSide Corporation Offer Booklet, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-240658.pdf

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

WestSide Corporation Limited (ASX:WCL) Presentation - Excellence in Oil and Gas Conference, Sydney

newsroom@abnnewswire.net — Wed, 21 Mar 2012 08:30:00 GMT

WestSide Corporation Limited (ASX:WCL) Presentation - Excellence in Oil and Gas Conference, Sydney.

Highlights of Investment Activity.

Corporate
- CSG junior with production, significant 2P reserves and strong exploration upside
- Major JV partners (Mitsui E&P and QGC) and cornerstone shareholders (New Hope Corporation & Energy Infrastructure Trust)

Production & Location
- Operating established Meridian SeamGas business on QGP - 160km from Gladstone
- 10 TJ/d gross sales + commissioning 10 new wells - (3 achieved production rates > 600Mscf/d , including PP10 now @ 1,000 Mscf/d)
- Trialing innovative well designs & equipment to increase production efficiency
- Significant opportunity to ramp up production - supported by 258 PJ of 2P reserves (net to WCL)
- Cultural Heritage Investigation and Management Agreement in place at Meridian
New Environmental Authority for Meridian SeamGas Petroleum Lease PL 94 granted

Sales Contracts
- Existing contracts in place for up to 25 TJ/d to 2014-15 - $5.5m revenue (net) FY2011
- Gas swap now in place to help fill production gap and reduce remedy payments
- Progressing commercial negotiations with various parties - targeting new GSAs by December 2012

Exploration Upside - Bowen Basin - ATP 769P and ATP 688P (pilots + seismic to identify new targets)
- Galilee Basin - ATP 974P and ATP 978P (grassroots program)

Download the Presentation here:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-240614.pdf

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

WestSide Corporation Limited (ASX:WCL) Production From New Meridian Well Reaches 1 Million scf/day

newsroom@abnnewswire.net — Tue, 20 Mar 2012 09:22:00 GMT

As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Limited (ASX:WCL) is pleased to advise that gas has been flowing from Pretty Plains 10 - one of seven new dual-lateral production wells - at a rate of more than 1,000,000 scf/d.

The performance of Pretty Plains 10 builds on the successful earlier commissioning of Pretty Plains 2 and more recently that of a third well Meridian 29, which has been producing more than 700,000 scf/d of gas a day.

The seven new well-sets are located at Pretty Plains within the co-development area on the Dawson Coal Mine's mining tenements near Moura in Queensland's Bowen Basin. Just to the south of Pretty Plains, WestSide is also commissioning three new up-dip lateral wells which will soon be contributing to production.

WestSide's Chief Executive Officer Dr Julie Beeby said new wells now accounted for about 21 per cent of Meridian SeamGas's gross daily production of approximately 11 Terajoules a day and continued to build.

"During the past week Pretty Plains 10 has been producing at the milestone rate of more than 1,000,000 standard cubic feet a day from just two of the multiple seams available for future production," Dr Beeby said.

"Production, aided by the increasing contribution from new wells, has continued to climb during March, with gas sales net to WestSide now averaging more than 5,000 Gigajoules a day after excluding fuel gas consumption."

Dr Beeby said in light of the new data obtained and historical data, there were strong indications that the new wells now transitioning through the de-watering phase to production had potential to deliver heightened gas-flow rates as demonstrated by Pretty Plains 10.

Pretty Plains 10's two laterals have a total length within two targeted coal seams of 3,223 metres.

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

WestSide Corporation Limited (ASX:WCL) Letter to Shareholders - Announcement of 2-for-5 Entitlement Offer To Raise Approximately A$25.4 Million

newsroom@abnnewswire.net — Fri, 9 Mar 2012 12:22:00 GMT

On 8 March 2012 WestSide Corporation Limited (ASX:WCL) announced a non-renounceable pro rata entitlement offer to raise approximately A$25.4 million ("Offer"). Eligible WestSide shareholders will be entitled to subscribe for 2 new fully paid ordinary shares in WestSide ("New Shares") for every 5 WestSide ordinary shares they hold for an issue price of A$0.25 per New Share.

The net proceeds of the Offer will be used to undertake the next stage of work at the Meridian SeamGas gas fields in Queensland's Bowen Basin. This work will be directed at maintaining and increasing gas production to supply existing and future customers. Some of the proceeds of the Offer will be invested in a field development feasibility study required for a Final Investment Decision to support possible new gas sales agreements. A portion of the proceeds will also be used to fund WestSide's joint venture share of exploration programs within its Bowen and Galilee Basin tenements.

The Offer is open to all WestSide shareholders with a registered address in Australia, New Zealand or Indonesia ("Eligible Shareholders").(1) The entitlements of Eligible Shareholders to participate in the Offer will be determined by reference to the number of shares they hold at 7pm (AEDT) on Monday 19 March 2012 ("Record Date").

Details of the Offer will be set out in the offer document ("Offer Booklet"), a copy of which will be lodged with the Australian Securities Exchange (ASX:ASX) and made available on the ASX's website at www.asx.com.au and on WestSide's website at www.westsidecorporation.com on or before 22 March 2012. Eligible shareholders will also be mailed an Offer Booklet together with a personalised Entitlement and Acceptance Form by no later than 22 March 2012. Shareholders whose registered address is not in Australia, New Zealand or Indonesia will not be sent an Offer Booklet.(2)

Key information regarding the Offer

The Offer price of A$0.25 represents a discount of approximately 47.9% to the closing price of WestSide shares on 5 March 2012 (the last trading day for WestSide shares before the Offer was announced) and a 47.5% discount to the 5 day VWAP up to market close on 5 March 2012. It also represents a discount of 39.7% to the theoretical ex-rights price based on WestSide's closing price on 5 March 2012.

On 13 February 2012, WestSide advised shareholders that it had received an indicative, conditional, non-binding and confidential proposal to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share ("Indicative Proposal"). The Indicative Proposal was received from Liquefied Natural Gas Limited (ASX:LNG).

The Offer price of 25 cents per share is a 61.5% discount to the price of A$0.65 per share referred to in the Indicative Proposal.

The WestSide Board has not formed a view, at this stage, as to the merits of the Indicative Proposal and there is no guarantee that a binding takeover offer will be received. The WestSide Board has attempted to set a price for the Offer which will be attractive to shareholders taking into account the uncertainty associated with the Indicative Proposal. The 25 cent Offer price represents a 26.5% discount to the closing price of A$0.34 on 10 February 2012 (the last day the shares traded on the ASX before the Indicative Proposal was announced on 13 February 2012) and a 19.9% discount to the 5 day VWAP up to market close on 10 February 2012.

Eligible Shareholders who have applied for their full entitlement of New Shares under the Offer will be offered an opportunity to apply for additional New Shares ("Additional Shares") under a top up facility ("Top Up Facility"). Additional Shares will only be available under the Top Up Facility if Eligible Shareholders do not take up their full entitlements under the Offer, and will be allocated to Eligible Shareholders who apply for Additional Shares in accordance with an allocation policy agreed between WestSide and RBS Morgans.

WestSide has entered into an underwriting agreement with RBS Morgans Corporate Limited ("RBS Morgans") under which RBS Morgans has agreed to fully underwrite the Offer.

As an indication of the level of support for WestSide and its prospects, shareholders New Hope Corporation Limited (through its wholly owned subsidiary Uniford Pty Ltd) ("NHC"), ANZ Specialist Asset Management Limited in its capacity as trustee and responsible entity for the Energy Infrastructure Trust(3) and Nathan Mitchell(4), who hold in aggregate 35% of WestSide's issued capital, have indicated they will take up 100% of their entitlements under the Offer. In addition, NHC has agreed to sub-underwrite part of the Offer.

Action required by Eligible Shareholders

Eligible Shareholders may:

- take up all of the Offer;
- take up all of the Offer and apply for Additional Shares;
- take up part of the Offer and allow the balance to lapse; or
- not take up any of the Offer and allow all of their Offer to lapse.

It is important that Eligible Shareholders determine whether to take up their rights, or allow their rights to lapse. The Offer Booklet will outline how Eligible Shareholders may participate in the Offer, including the Shortfall.

Key Offer dates
---------------------------------------------------------------------
Event                                                   Date
---------------------------------------------------------------------
"Ex" date - date on which Offer
shares begin trading without
entitlement to participate in the Offer        Tuesday 13 March 2012
---------------------------------------------------------------------
Record Date - date for determining
Eligible Shareholders entitled to                          7pm (AEDT)
participate in the Offer                         Monday 19 March 2012
---------------------------------------------------------------------
Opening Date - date on which the Offer
opens, Offer Booklet is despatched to
Eligible Shareholders and released to ASX      Thursday 22 March 2012
---------------------------------------------------------------------
Closing Date - date on which the Offer closes              5pm (AEST)
                                                Thursday 5 April 2012
---------------------------------------------------------------------
Offer shares quoted on a deferred
settlement basis                                Tuesday 10 April 2012
---------------------------------------------------------------------
Shortfall Notification Date - 
WestSide notifies ASX of under subscriptions   Thursday 12 April 2012
---------------------------------------------------------------------
Despatch Date - last day for
allotment of the Offer shares,
deferred settlement trading ends                Tuesday 17 April 2012
---------------------------------------------------------------------
Trading Date - Offer shares
commence normal trading                       Wednesday 18 April 2012
---------------------------------------------------------------------

Note: These dates are indicative only. WestSide reserves the right to change these dates without prior notice.

Further information

In an annexure to this letter, we have included all information provided to ASX in Appendix 3B in compliance with Appendix 7A of the ASX Listing Rules.

Before making a decision whether to subscribe for any New Shares, please carefully read the Offer Booklet when you receive it. The Offer closes at 5:00pm (AEST) on Thursday 5 April 2012.

If you have any questions regarding your rights or the mailing of the Offer Booklet and the accompanying Entitlement and Acceptance Form, please contact WestSide's share registry, Boardroom Pty Limited on +61 (02) 9290 9600. For further information on the Offer, you should contact your professional adviser or WestSide on +61 (07) 3020 0900. On behalf of the Board of WestSide, I thank you for your past support and look forward to your participation in the Offer.

(1) In accordance with ASX Listing Rule 7.7.1(a), WestSide has determined it would be unreasonable to extend the Offer to shareholders with a registered address outside Australia, New Zealand or Indonesia due to the small number of affected shareholders, the number and value of the securities which would otherwise be offered to affected shareholders, and the cost of complying with overseas legal and regulatory requirements.

(2) A process will be conducted in accordance with section 615 of the Corporations Act (Cth) (as modified by the Australian Securities and Investments Commission ("ASIC") Class Order 01/1542) under which the New Shares that would have been offered to ineligible foreign shareholders will be sold by a nominee with any excess over issue price being remitted to the foreign ineligible shareholders (the "Nominee Sale Facility"), unless an appropriate ASIC exemption, notification or waiver is obtained.

(3) Shares are held by EIT's nominee, JP Morgan Nominees Australia Limited.

(4) Shares are held by Mr Nathan Mitchell or entities associated with him.

Angus Karoll
Chairman
WestSide Corporation LImited
T: +617-3020-0900
F: +617-3020-0999
http://www.westsidecorporation.com