The Mitchell Group is pleased to announce it has successfully completed a private off market share sale of it's entire holding in ASX listed junior CBM producer Westside Corporation Ltd. The share sale provides as satisfying exit to the Mitchell Group, who have had a long relationship with the company. The Mitchell family had drilled a number of the wells in the Moura region, including majority of wells on the meridian field between 1998 and 2005, whilst it was owned by Origin. After Westside gained it's interest in the Meridian Field, Nathan Mitchell was appointed to the board and helped steer the company through it's growth phase as Australia's leading junior gas producer.
The share sale comes post the announcement that the company has secured a transformational 20-year gas sales agreement with GLNG to supply up to 65 TJ per day.
About WestSide Corporation Ltd
WestSide Corporation Limited is an ASX-listed company (ASX code: WCL) with gas production and significant uncontracted gas reserves and exploration interests in Queensland.
WestSide operates the Meridian fields west of Gladstone in Queensland’s Bowen Basin. The Meridian fields comprise a range of assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland’s commercial gas network. WestSide holds a 51% interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49%.
Elsewhere in the Bowen Basin, WestSide is currently operating an exploration and appraisal program at the ATP 769P (Paranui) and ATP 688P (Tilbrook and Mount Saint Martin) sites. WestSide holds a 25.5% interest in the tenements with Mitsui E&P Australia Pty Ltd (24.5 %) and QGC (50%).