WestSide was established as an unlisted public company in November 2005 to participate in the development of coal seam gas projects in north eastern Australia, to address the growing market for energy on the eastern seaboard of Australia and to take advantages of opportunities for downstream integration into the ammonia industry.
In February 2006, through a Heads of Agreement, WestSide agreed arrangements with Sunshine Gas to form a joint venture for the development of a number of Queensland coal seam gas tenements held by Sunshine Gas. In September 2006 formal Aquisition, Farm-in and Joint Operating Agreements were executed. The company successfully completed its IPO and listed on ASX in January 2007.
Arising out of the participation of a cornerstone investor – PT Bumi Resources TBK of Indonesia – in May 2007 a series of cooperative agreements were executed with Bumi and subsidiaries Kaltim Prima Coal and Arutmin Indonesia. Bumi, KPC and AI operate major coal mining and export operations in south east Kalimantan in Indonesia. The agreements incorporate a joint venture to assess and develop coal seam gas in the coal permit areas and in other areas of Indonesia.
Sunshine Gas Farm-in Agreement
Westside has acquired a 50% interest in two Bowen Basin tenements jointly with Sunshine Gas. The Farm-In agreements covered the following tenements:
|
Tenement Number |
Tenement Name |
|
ATP 769 |
Paranui |
|
ATP 688 |
Tilbrook |
|
ATP 811* |
Foxleigh |
|
ATP 693* |
Cullin |
*In July 2008, WestSide decided not to complete the farm-in for ATP 811 and ATP 693 as the results from work performed did not satisfy WestSide's internal benchmarks.
More information on the work planned to be completed in the tenements appears in Gas Projects or follow this link to a general orientation map of the tenement locations.
Summary of Company’s Key Objectives
Westside’s key objectives for its first 2 years are:
- Proving up reserves of coal seam gas in its tenements
- Developing the business case to bring viable reserves into commercial production.
- Marketing the gas to downstream customers through a variety of available channels including bilateral long term contracts, short term spot supply or partnering with major project developers.
- Completing a thorough assessment of the development potential of the permit areas of our Indonesian JV partners with a goal of proving up reserves for development.