WestSide Raises Funds, Plans New Gas Contracts

Australia's WestSide Corporation has raised $8 million through private placement and plan to raise another $2 million.

The capital raised will be used fund to WestSide's ongoing operations as the company negotiates new gas supply agreements to replace its existing sales contracts which expire by 2015.

“WestSide’s material uncontracted reserves position and expiring gas supply contracts leave it uniquely positioned to supply into the rising demand and gas pricing of the dynamic east coast gas market”, said WestSide’s Chief Executive Officer, Mike Hughes. “This modest funding package ensures that WestSide remains well-capitalised as it seeks to finalise these important new gas supply agreements. The strong support of the share issue by investors reflects the increasing confidence in the company’s prospects”, he said.

WestSide Corporation is coal seam gas (CSG) producer with certified reserves and a diversified portfolio of exploration assets in Queensland.

The company operates the Meridian SeamGas CSG gas fields 160km west of Gladstone in Queensland's Bowen Basin in joint venture with Mitsui E&P Australia. WestSide also holds 25.5 per cent joint venture interests with QGC.

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