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WestSide Corporation Limited (ASX:WCL) has announced the certification of its first coal seam gas (CSG) reserves at its Tilbrook and Paranui pilots in Queensland's Bowen Basin.
WestSide Corporation Limited (ASX:WCL) has announced the certification of its first coal seam gas (CSG) reserves at its Tilbrook and Paranui pilots in Queensland's Bowen Basin. "These reserves come from only a small area of WestSide's holdings and the accuracy of the initial estimates provide additional confidence that WestSide's share of gas in place throughout its acreage could be up to two trillion cubic feet of gas," said Chairman Angus Karoll.
Sydney, July 1, 2009 AEST (ABN Newswire) - Wall Street tumbled overnight after a business research group released the confidence report of June which shows a mark below 50. Conference Board said the consumer confidence index fell to 49.3 points in June from a revised 54.8 in May. The unexpected fall has dented investors' sentiment for spending.

Yesterday the Australian market concluded the last day of the financial year higher, led by energy and retail sectors. The benchmark S&P/ASX200 index gained 68 points, or 1.75 per cent, to 3954.9 points, while the broader All Ordinaries index was up 65.1 points, or 1.68 per cent, to 3947.8 points. The ASX200 has posted four consecutive months of gains.

Key Economic Facts and Figures

The Australian Industry Group/PricewaterhouseCoopers Performance of Manufacturing Index rose by 0.9 index points in June to 38.4 points, seasonally adjusted. It is the 13th consecutive month that the index was below the 50-point level, indicating contraction in manufacturing activity.

Australian new home sales fell 5.7% in May from April, driven largely by weakness in the detached house markets in the larger Australian states, the Housing Industry Association said Tuesday. The HIA said new home sales are still 15% above the low point, hit in December.

Today the Australian Bureau of Statistics is due to release retail trade data and building approvals data, both for May. The Reserve Bank of Australia releases its index of commodity prices for May. The Department of Employment, Education and Workplace Relations releases a job vacancies survey.

M&A News

Fund manager MacarthurCook Ltd (ASX:MCK) has rejected a second offer made yesterday by AIMS Securities Holdings, which lifted its offer last week from A$0.30 to A$0.35 a share. AIMS has bought a further 14 per cent of MacarthurCook's stock in the past week, bringing the stake to 35 per cent since launching a takeover bid in May.

Junior explorer Jupiter Mines Ltd. (ASX:JML) said South Korean steel giant POSCO (SEO:005490) has agreed to pay A$7.8 million for a 16.7% stake in the company. POSCO will pay 16.266 Australian cents per share for 48 million shares in Jupiter and one seat on its board.

Important Corporate News

Suncorp-Metway (ASX:SUN) has appointed Patrick Snowball, a British insurance and wealth management specialist, as its new chief executive. Mr. Snowball previously ran the UK insurance operations of Aviva.

Discount appliance retailer Clive Peeters (ASX:CPR) says it has abandoned a strategic review of the company after failing to find an acceptable outcome. The company forecasts an operating loss before tax for fiscal 2009 of A$4.5 million to A$5 million, including non-recurring costs of $2.1 million. Clive Peeters would not declare a final dividend in fiscal 2009.

Beach Petroleum (ASX:BPT) said it was now in a strong position to expand its business further, with more than A$125 million in the bank. Beach Petroleum launched a A$50 million takeover bid in May for Drillsearch Energy (ASX:DLS). Drillsearch rejected the hostile bid, citing the bid did not recognise the potential value of its reserves and resources.

WestSide Corporation Limited (ASX:WCL) has announced the certification of its first coal seam gas (CSG) reserves at its Tilbrook and Paranui pilots in Queensland's Bowen Basin. "These reserves come from only a small area of WestSide's holdings and the accuracy of the initial estimates provide additional confidence that WestSide's share of gas in place throughout its acreage could be up to two trillion cubic feet of gas," said Chairman Angus Karoll.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

WestSide Corporation Limited       
Suncorp Group Limited         
POSCO           
Macarthurcook Limited       
Jupiter Mines Limited           
Drillsearch Energy Limited         
Clive Peeters Limited       
Beach Energy Limited             

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