Resource News
Westside buys Anglo American’s stake in Dawson Seamgas
By resourceINTEL · December 30, 2009 · 8:50 am · Leave a Comment
SMALL coal seam gas explorer Westside said today that it has agreed to buy acreage near Moura in Queensland for up to $80 million.
Westside said it has entered a conditional agreement to acquire Anglo American’s stake in the Dawson Seamgas coal seam gas assets and may also buy Mitsui & Co’s (MITSY) stake in the assets subject to the consideration of pre-emptive rights.
The deal would result in Westside taking a stake of up to 100 per cent in the producing Dawson Seamgas CSG fields and up to 50 per cent in two adjoining permits.
It would acquire up to 212 petajoules of proven and probable gas reserves and 514 petajoules of proven, probable and possible reserves.
Westside intends to issue shares to existing shareholders to fund the acquisition…read more at The Australian
