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  • WestSide Rejects Takeover Bid from Chinese GroupData analysis
    Global Deals, Others

    WestSide Corporation announced that it has rejected a takeover offer from China's Landbridge Group that valued the company at A$177.6 million (US$164.5 million).

    WestSide said that the proposal, which has already been increased to A$0.4 per share a week ago from A$0.36, did not represent fair value. The company added that the offer did not take into account the recently announced gas sale deal with a consortium including Santos, Total and KOGAS.

    WestSide operates the Meridian SeamGas coal seam gas fields in Queensland’s Bowen Basin, where it holds 51% interest, with Mitsui holding the remaining 49%. The project area contains, net to Westside, 732 Bcf of certified 3P reserves including 44 Bcf of 1P reserves and 327 Bcf of 2P reserves. The company also operates an E&A program at the Paranui, Tilbrook and Mount Saint Martin sites in Queensland.

    View WestSide press release

    View WestSide operations webpage

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