WestSide said that Landbridge has extended its conditional offer announced on 24 April to acquire all of the shares in WestSide by two weeks.
The offer will now close on 8 July 2014 unless further extended or withdrawn by Landbridge in accordance with the Corporations Act 2001 (Cth). WestSide’s Directors continue to unanimously recommend that shareholders reject Landbridge’s Offer and do nothing in relation to any documents sent by Landbridge, the company said in a statement.
Gas sales from the Meridian gas field averaged 11.6 TJ/day in May. This is the ninth consecutive month of stable gas production, with no new wells having been drilled for 18 months. This continuing performance reflects the strong underlying potential of the existing well stock and underpins WestSide’s confidence in the productivity of future wells. WestSide’s current drilling programme continues on track.
The first new well is anticipated to be on-line in mid-July and drilling will continue until August, with all wells expected to be connected and producing by September. This programme is the first step in enabling WestSide to deliver increased volumes into the new gas sales agreement with GLNG.
Press Release, June 12, 2014