there must be gas in them there hills, page-23

Post by Sloeb on the westside thread today:

"Hi guys,

Came across this article today, have been following WCL since the T/O approach.

Mitsui's brand on WestSide story
Edited by Sarah Thompson, Stephen Shore and anthony macdonald

1 March 2012
The Australian Financial Review


The absence of follow-up news on the approach to WestSide Corporation has confirmed the Queensland coal seam gas explorer's view that the proposal was indeed "highly conditional".

The shares have never got close to the mooted 65¢ price, so confidence a firm bid would emerge was never high.

Brisbane-based sources say that the approach was indeed from Maurice Brand's LNG Ltd, possibly backed by private equity group EIG Global Energy Partners. But that combination would raise questions over the role of Brand's existing backer, the CNPC unit China Huanqiu Contracting & Engineering.

In any case Brand is running out of time in his search for gas to supply his proposed mid-scale LNG project given the latest extension from the Port of Gladstone over his Fisherman's Landing site runs out on June 30.

But standing in the way of any deal on WestSide is Mitsui, which owns 49 per cent of WestSide's Meridian project and a pre-emptive right over the rest.

Mitsui also owns minority stakes in the rest of WestSide's permits in the Bowen Basin, and partners Molopo Energy in its Bowen CSG venture.

It lends credence to the view that the Japanese trader will play a pivotal role in the CSG play in the strategic Dawson Valley inland from Gladstone.

s.loeb"