WestSide Corporation Limited (ASX:WCL) Dawson CSG Purchase Unaffected By Pre-Emption On Adjoining Tenements
WestSide Corporation Limited (ASX:WCL) Dawson CSG Purchase Unaffected By Pre-Emption On Adjoining Tenements
Brisbane, Mar 9, 2010 AEST (ABN Newswire) - Plans by WestSide Corporation Limited (ASX:WCL) to join Mitsui E&P Australia Pty Ltd to acquire the Dawson Seamgas coal seam gas (CSG) assets in Queensland's Bowen Basin from Anglo American (LON:AAL) (OTC:AAUKY) and Mitsui Moura Investment Pty Ltd ("MMI") have been unaffected by subsequent pre-emption notices relating to neighbouring permits.

MMI and Molopo Energy Limited (ASX:MPO) have exercised pre-emptive rights to acquire Anglo's joint venture interests in tenements ATP 602P and ATP 564P, including a sub-leased portion of Petroleum Lease 94.

These were assets on which WestSide also made a conditional offer to purchase, as detailed in the Company's announcement on 30 December 2009.

However, Chairman and CEO Mr Angus Karoll said decisions by MMI and Molopo to exercise their preemptive rights over these assets had always been anticipated.

"The exercise of their pre-emptive rights over those assets has no bearing on WestSide's agreements announced to the market on 4 March 2010, to acquire Anglo's 51 per cent operating stake in the Dawson CSG fields (PL94 and Mining Lease gas rights) and the associated infrastructure," Mr Karoll said.

WestSide will announce details of fundraising necessary to complete the acquisition as soon as they have been finalised.

Contact

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



Related Companies

WestSide Corporation Limited       
Molopo Energy Limited          
Anglo American plc          

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