WestSide Corporation Limited (ASX:WCL) Agrees To Expand Alliance With Mitsui To Potentially Include Coal Seam Gas Interests In Bowen Basin
WestSide Corporation Limited (ASX:WCL) Agrees To Expand Alliance With Mitsui To Potentially Include Coal Seam Gas Interests In Bowen Basin

Brisbane, June 1, 2010 AEST (ABN Newswire) - WestSide Corporation Limited (googlechartASX:WCL) has agreed to expand its alliance with Mitsui E&P Australia Pty Ltd (Mitsui) to potentially include the Company's coal seam gas (CSG) interests in ATP 688P in Queensland's northern Bowen Basin.

WestSide currently holds a 50 per cent interest in ATP 688P which contains a number of promising CSG prospects including its Tilbrook, Mount Saint Martin and Bald Hill projects.

In March 2010 WestSide and Mitsui announced they would jointly acquire the Dawson CSG fields and Mitsui would have the option to acquire 49 per cent of WestSide's existing interests in the neighbouring Paranui prospect (ATP 769P) and its new Galilee Basin tenements (ATP 974P and ATP 978P).

WestSide's CEO and Chairman Angus Karoll welcomed the prospect of an expanded alliance with MEPAU.

"Mitsui brings substantial experience and marketing power to WestSide's operations and the inclusion of ATP 688P was a logical step to standardise our relationship across all of WestSide's operations," he said.

WestSide has booked 76 Petajoules of certified Proved, Probable and Possible (3P) gas reserves at the Tilbrook pilot and believes the area could contain an additional 1,300 billion cubic feet of gas in place (net to WestSide).

The Company has just completed a seven-well exploration program in the area, including six wells to test the extent of the resource previously identified in the Moranbah Coal Measures in the Mount Saint Martin precinct.

A review of the results from this program is currently being undertaken while production testing continues at the Tilbrook pilot from both vertical and dual lateral appraisal wells.

Mitsui's option in relation to ATP 688P is on the same terms as the existing arrangements for ATP 769P and the Galilee Basin permits.

Mitsui has until 31 October 2010 to exercise its options, and the farm-ins are conditional on completion of the Dawson acquisition and WestSide's existing joint venturers in ATP 688P and ATP 769P waiving their existing pre-emptive rights over those areas.

About Mitsui E&P Australia Pty Ltd

Mitsui E&P Australia Pty Ltd is a subsidiary of one of Japan's biggest corporations, Mitsui & Co. Ltd (googlechartTYO:8031). The Mitsui group has approximately 150 offices around the world, spanning 66 countries.

The Mitsui group has wide experience in equity investment, marketing, trading and finance covering all components in the Liquefied Natural Gas (LNG) value chain. It has been involved in the production of LNG globally since 1973 and is participating in nine major LNG projects which deliver substantial volumes of LNG to the Asian market.

The Mitsui group is a participant in the North West Shelf (NWS LNG Project) through a 50 per cent share in Japan Australia LNG (MIMI) Pty. Ltd (MIMI). Formed in 1985, MIMI is one of seven shareholders in the NWS LNG Project which has been supplying natural gas to the West Australian domestic market since 1984 and LNG to Japan since August 1989.

Apart from the NWS LNG Project business, the Mitsui group's main upstream oil and gas investments through Mitsui E&P Australia Pty Ltd in the Australian and New Zealand energy sector are the Enfield/Vincent Area (WA) and Tui Area (NZ) as oil producing projects and Casino area (Victoria) and Kupe (NZ) as gas producing projects, which currently produce approximately 35,000 barrels of oil equivalent per day.

Mitsui E&P Australia Pty Ltd's portfolio also extends to more than 20 exploration permits in the Exmouth/Browse Basin, Otway/Sorell Basin, Taranaki Basin and Great South Basin.

Together with its affiliate companies, Mitsui's Energy group is committed to expanding its activities in the Australian and New Zealand oil and gas sector both through participation in upstream projects and trading of crude oil, gas, refined petroleum products and renewable fuels.

For the complete WestSide Corporation announcement including figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/62999-ASX-WCL-221093.pdf

Contact

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



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