Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

WestSide Receives $192.4M Takeover Bid from Undisclosed Party

change text size

Australia's WestSide Corporation, a company with interests in coal seam gas (CSG) projects in Queensland, revealed Tuesday that it has received a takeover proposal worth $192.4 million (AUD 184.4 million) from an undisclosed party.

The cash bid of $0.54/share (AUD 0.52/share) – for 100 percent of WestSide's shares – represents a 35 percent premium over WestSide's last closing share price of $0.40/share (AUD 0.385/share).

WestSide said in a published statement that it has not yet formed a view on the indicative offer price, and that it advises shareholders to "take no action at present."

The company operates the Meridian SeamGas CSG fields west of Gladstone in Queensland's Bowen Basin. The Meridian gas fields comprise of 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 percent interest in the fields, while Mitsui E&P Australia holds the remaining 49 percent.

The company is also involved in two other exploration and appraisal programs in the Bowen Basins; the ATP 769P and ATP 688P sites. WestSide holds a 25.5 percent interest in both of the tenements. The remaining stakes of 24.5 percent and 50 percent are held by Mitsui E&P Australia and Queensland Gas Company (QGC) respectively.

WestSide also owns assets in two Galilee Basin tenements; ATP 974P and ATP 978P. The company holds the majority 51 percent operating interest in both of the tenements. Mitsui E&P holds the remaining stakes in ATP 974P and ATP 978P.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Exillon Looks for New Independent Dire... (Apr 24)
 -  Leni Reports Rig Arrival at Goudron Fi... (Apr 24)
 -  Report: UK Oil, Gas Supply Chain Worth... (Apr 23)
 -  Cuadrilla Consults Residents Ahead of ... (Apr 23)
 -  CNOOC Reports 1Q 2014 Net Production o... (Apr 23)
Most Popular Articles
From the Career Center
Jobs that may interest you
Technical Sales Specialist
Expertise: Chemical Engineering, Petroleum Engineering, Technical Sales
Location: Denver, CO
 
Senior Process Engineer - Operation Support
Expertise: Process Engineer
Location: Houston, TX
 
Project Director - Offshore Floating Prodcution Platforms
Expertise: Engineering Manager, Mechanical Engineering, Project Management
Location: Houston, TX
 
search for more jobs