anybody get to the agm?, page-7

Hellyeah, You sound 'a little' angry and discouraged. Probably rightly so as this is the reason why I am out of WCL for the short term.

I am looking for both a lower re-entry and a turn of prospecs for Westside.

I think that Jakes comments that give a feeling that they will get there, its just going to take a little longer, are spot on. Short term price weakness will more than likely be generated on speculation of technical success as well as delays in development.

Mr Market has probably got it right for now, but I am firmly of the opinion that Westside will be a surprisingly good medium term investment.

The point about 70% ownership is pretty significant. To acquire 1% of the company when you only have a small churn is not exactly an investor who has a short term mentality. The dv has only been at/over 1m shares about 5 times in the last 6 months.

Key strentghs for Westside for me are:
-cash position > lower dillution over time and well funded for drilling and exploration

-current pilot program in a proven CBM region<.b> > I believe they are just perfecting their techniques. Unfortunately this takes time and can be a little expensive (see below)

-they have an excellent management team. Mitchells recent pickup of the 21m shares is a very solid indicator that his experience will create legacy as he has an extremely vested interest in making this work. COO thumbs up as well! Unless Australia starts pilfering people from companies like Nexen in NA, then the CSG gene pool will remain farly tight.

-considerable growth potential > a CSG green fields area through the Galilee. If they are talking farmin then this could be a primer for short term price jumps. Farmin interest is likely to also be assisted by the largest amount of drilling and shooting activity in the Galilee ever. The coal companies are coring the hell out of the eastern portion of the basin and drawing up infrastructure plans for export. There are two coring programs and at least on pilot program underway for CSG at present. There are also developing infrastructure plans as well. While Westside is not a first mover on this, should positive results be generated from the CSG companies that are investing there at present, then you should be keeping an eye on Westside whose schedule for development gives you a sleeper value for a very large Galilee asset. The coring results from tilbrook could also do help in the short term to help qualify the deeps for CSG resource.

-a smaller point from my perspective is the relationship with BG > I value this not as highly as most as the 'relationship' was being persued by Sunshine but has seemingly fallen by the way side. I think I read a few months back also that the parties had agreed to seperate marketing of the gas.

Cheers,

SF