Yep not a bad deal the only thing I didn't like was the share price for 70 million dollars worth wasn't fixed at an amount ie 70 million dollars worth at $2.90 for instance. Otherwise yes a good deal for AOE!
From WCL newsletter. This for people who don't know starts soon:
Importantly, the 2009 program will see new wells drilled in the Bald Hill and Mount St Martin areas of ATP 688P. These areas have been identified as highly prospective, and the three wells planned to be drilled there in 2009 could unlock significant value for WestSide. As an illustration of the potential worth of these areas, latest gas in place estimates suggest that almost three trillion cubic feet (tcf) of gas lies in the tenement – a significant increase over the 0.3 tcf attributed to the initial Tilbrook area! A significant boost for our operations in 2009 will be the commissioning of our own drilling rig by June. The availability of a committed rig is expected to alleviate many of the frustrations of our previous campaigns and reduce drilling costs. We are looking forward to a year of achievement in 2009 – we have the support of our joint venturer and the enthusiasm of a newly-formed team of professionals who are determined to demonstrate that WestSide has an exciting role to play in the sector. Thank you for your continued support, Angus Karoll Chairman
WCL Price at posting:
46.6¢ Sentiment: LT Buy Disclosure: Held