WestSide Acquires Stake in Dawson CBM Field

WestSide has acquired a 51% stake in the Dawson coal-bed methane field in the Bowen Basin in Queensland, Australia, for A$26.8m ($22.6m).

The firm bought the field with its joint venture partner Mitsui E&P, which holds the remaining 49% interest, from Anglo American and Mitsui Moura Investment.

The field will be renamed Meridian SeamGas following the acquisition.

WestSide chief executive Angus Karoll said the joint venture will export LNG and supply new domestic contracts from 2015 when the current supply contracts finish.

“This acquisition is the most significant event since WestSide listed in 2007, transforming us from an explorer into a gas producer and operator in a joint venture with Mitsui, a global leader in LNG, ” Karoll said.

The partners will carry out an expansion programme targeting a significant increase in field production and gas reserves.