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WestSide Corporation Limited (ASX:WCL) is restructuring its business and has accepted the resignation of its CEO after PetroChina pulled out of its proposed takeover.

 

The coal seam gas explorer has initiated an organisational restructure to sharpen the company’s development and production focus at the Meridian SeamGas field.

 

Westside executive chairman Angus Karoll says a number of changes will be made within the corporate management structure, including the resignation of CEO Julie Beeby.

 

Mr Karroll says Westside is also seeking to appoint an independent chairman later this year to oversee its corporate governance.

 

The company says talks continue with a number of parties interested in a transaction with Westside, but the board’s focus is on increasing the value of its assets.

 

Westside posted a net loss of $5.6 million in the first half of the current financial year.