Quarterly Activities Report
Brisbane, April 30, 2014 AEST (ABN Newswire) - Towards the end of the quarter WestSide Corporation Limited (
ASX:WCL) (WBRIF:OTCMKTS) executed a binding 20-year gas sales agreement with the GLNG project which can be found in the link below.
Focus continued during the quarter on existing production, with sales in the March quarter being maintained at the same level as the December quarter. Sales have now remained stable at close to 12 TJ/d for the past eight months - in spite of no new wells being drilled during the last 18 months.
Planning is well advanced for drilling to commence in the Meridian eld during the current quarter. Detailed new well design has been completed and key contracts have been awarded.
The Company had $23 million in cash at 31 March 2014.
Landbridge Energy Australia Pty Ltd, a wholly owned subsidiary of Landbridge Group Co., Ltd made a conditional $0.40 per share cash offer for all the shares in WestSide on 24 April 2014. The Directors of WestSide will carefully consider the Bidder's Statement and make a recommendation to shareholders in a Target's Statement. At the time of this report, the WestSide Board recommends that shareholders take no action in respect of any communication from Landbridge.
To view the complete quarterly activities report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-795086.pdf
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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