Well to suggest it is just a transaction between an acquirer (Petrochina?) and target (Westside) is horribly oversimplifying the potential deal.
Westsides projects, and Molopos both had Mitsui as a major partner. How is it that this relationship has not been more openly discussed on here? I have previously suggested that the straining ties between the two ations could not exactly be a good sign for business. China running an anti-Japan campaign...
...meanwhile back at the Australian ranch the Chinese attempt to help the Japanese profit out of a gas asset by buying them out? Maybe what they say about wives and postcodes is also true for companies and countries. What happens in Brisvegas stays in Brisvegas.
NHC has been discussed adnauseum. If my acquirer/target guess is correct above then we can be certain that NHC has already given an indication to the board that they will entertain the price and conditions otherwise they would have walked.
If the deal had/has collapsed then Westsides options are still tantilising. They are not shipping gas from the Copper to LNG because they want to. They are doing it for supply. Westsides asset is on pump just down the road from Gladstone, the closest gas in all of Queensland. So you can bet it will find a home.
Well, I am betting it will anyway. At 25cps Westside looks like a treat to me, and so it is that others also think so. The indicators have recently turned around which indicates some bying strength, so keep a steady eye on this one in case it blasts off.
Cheers and good luck Punters. Still holding and still a believer.
SF
WCL Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
