WESTSIDE CORPORATION LIMITED 
LANDBRIDGE TAKEOVER
Landbridge Energy Australia Pty Ltd (Landbridge) has achieved control of WestSide following the Board's recommendation that shareholders accept Landbridge's Offer of $0.40 per WestSide share (subject to no higher offer being received) for the reasons set out in the Company's Third Supplementary Target's Statement dated 4 July 2013.
At the time of publication Landbridge had received acceptances for more than 90 per cent of the Company's issued capital.
OVERVIEW AND OUTLOOK
Gas sales during the quarter remained steady at 11.6 TJ/day, with 10 months of stable production providing a solid foundation for the expansion of the Meridian gas field. The first phase of the field expansion at Meridian commenced during the quarter, with two new standalone lateral wells drilled. A third lateral well was finished in July and drilling is ongoing. The first lateral well is currently being completed with pumping equipment and is expected to be brought online within days.
Detailed planning continues for the expansion of the Meridian field to produce increasing volumes of gas to GLNG from 2015.
Proposals for financing facilities for the Meridian gas field expansion were received from several potential financiers and were being assessed at the time Landbridge gained control of WestSide in early July.
WestSide completed the sale of its drilling rig in May, receiving $3.5 million and also reached a favourable settlement of a legal dispute arising from damage to the drilling rig in 2012.
The Company had $23.3 million in cash at 30 June 2014.
OPERATIONS REVIEW
Meridian SeamGas CSG field
Gross Reserves: 92PJ (1P); 680 PJ (2P); 1,524 PJ (3P)
Westside (operator) 51%, Mitsui 49%.
During the quarter there were no reportable environmental incidents or recordable injuries.
Total sales volume (including third party gas) for the June quarter of 1,055,827 GJ (538,472 GJ net to WestSide), or 11.6TJ/d, was up 1.8 per cent on the March quarter.
WestSide's net share of sales revenue from Meridian of $1.7 million, including compensation payments and processing fees, was lower than the $2.0 million received in the prior March quarter as the two year compensation period has ended in line with the agreement.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-808953.pdf
About WestSide Corporation Limited:
WestSide Corporation Limited is an ASX-listed company (ASX:WCL) (OTCMKTS:WBRIF) with gas production, significant gas reserves and exploration interests in Queensland.
WestSide operates the Meridian SeamGas gas 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%. The Meridian joint venture has executed a binding 20-year gas sales agreement with the GLNG Project at Gladstone to supply up to 65 Terrajoules of gas a day from 2015 at prices based on an oil-linked formula from 2016.
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 (24.5 %) and QGC (50%).
Additional information is available on WestSide’s website: www.westsidecorporation.com
Source:
WestSide Corporation Limited
Contact:
WestSide Corporation Limited T: +61-7-3020-0900 F: +61-7-3020-0999 WWW: www.westsidecorporation.com
