Extension of Offer Period
Brisbane, June 12, 2014 AEST (ABN Newswire) - WestSide Corporation Limited (
ASX:WCL) (WBRIF:OTCMKTS) (WestSide) refers to the conditional offer announced on 24 April 2014 by Landbridge Energy Australia Pty Ltd (Landbridge) to acquire all of the Shares in WestSide.
WestSide advises that Landbridge has extended its Offer by two weeks such that the Offer will now close at 5.00pm (Brisbane time) on 8 July 2014 unless further extended or withdrawn by Landbridge in accordance with the Corporations Act 2001 (Cth).
WestSide's Directors continue to unanimously recommend that shareholders reject Landbridge's Offer and do nothing in relation to any documents sent by Landbridge.
Business update
Gas sales from the Meridian gas field averaged 11.6 TJ/day in May. This is the ninth consecutive month of stable gas production, with no new wells having been drilled for 18 months. This continuing performance reflects the strong underlying potential of the existing well stock and underpins WestSide's confidence in the productivity of future wells.
WestSide's current drilling programme continues on track. The first new well is anticipated to be on-line in mid-July and drilling will continue until August, with all wells expected to be connected and producing by September. This programme is the first step in enabling WestSide to deliver increased volumes into the new gas sales agreement with GLNG.
Contact
Mike Hughes
Managing Director and CEO
WestSide Corporation Ltd
Tel: +61-7-3020-0900
Damian Galvin
Company Secretary
WestSide Corporation Ltd
Tel: +61-7-3020-0900
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