Westside To Pay A$26.8 Million For Stake In Coal Seam Gas Venture

Westside Corp. (WCL.AU) said Thursday it agreed to pay A$26.8 million for Anglo Anglo American PLC's (AAL.LN) 51% stake in some coal seam gas fields in Queensland state.

Mitsui & Co. (MITSY) has elected to keep its holding in the assets, meaning the purchase price is at the bottom of a A$55 million to A$80 million forecast range provided by Westside in December.

Westside said the acquisition equates to 28 cents per gigajoule of proven and probable coal seam gas reserves.

The company said it hasn't yet been fully informed whether its bid for Anglo American's 25.5% interest in some adjoining tenements has been successful, with the sale still subject to consideration of preemptive rights from Mitsui and Molopo Energy Ltd. (MPO.AU).

Despite the reduced size of the deal, Brisbane-based Westside, which already explores for CSG in several permits in Queensland's Bowen Basin, said the proposed deal will make it the state's second biggest listed pure-play CSG company behind Arrow Energy Ltd. (AOE.AU).

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com

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