WestSide Corporation Limited (ASX:WCL) and Mitsui E&P Australia Finalise Dawson Acquisition

Brisbane, July 5, 2010 AEST (ABN Newswire) - WestSide Corporation Limited (ASX:WCL) has finalised the purchase of 51 per cent interest in the Dawson coal seam gas (CSG) fields in Queensland with A$26.8 million. WestSide said the company and joint venture partner Mitsui E&P Australia Pty Ltd (MEPAU), which owns the remaining 49 per cent in the CSG fields, have emerged as a new force in Queensland coal seam gas.

The assets were purchased from coal miners Anglo American (LON:AAL) (Anglo) and Mitsui Moura Investment Pty Ltd (MMI) respectively. The Queensland Department of Economic Development and Innovation has given indicative approval for the acquisition.

The change in ownership has necessitated a renaming of the gas field which will now be known as the Meridian SeamGas field. The name reflects the 150 degree 'Meridian Line' which passes through the gas fields, WestSide says.

"This acquisition is the most significant event since WestSide listed in 2007, transforming us from an explorer into a gas producer and operator in joint venture with Mitsui, a global leader in LNG," WestSide Chairman and CEO Mr Angus Karoll said.

WestSide and Mitsui would now pursue an expansion program targeting a significant increase in field production and gas reserves.

"The ultimate goal for the joint venture is to export LNG and to supply new domestic contracts from 2015 when the current supply contracts that are in place will finish," Mr Karoll said. A WestSide team was now operating the Meridian SeamGas field and had been onsite for some weeks familiarising themselves with the operations to ensure a seamless transition.

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Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net