Gas explorer and producer WestSide Corporation Limited
(ASX:WCL) has secured a 20 year deal to sell gas to the GLNG liquefied natural gas plant in Queensland.
The gas will be supplied from WestSide’s Meridian field and the contract provides for the staged ramp up in volume.
Chairman Mr Robert Neale says agreement with GLNG’s participants, industry majors Total, PETRONAS, Santos and KOGAS, underscores a high level of confidence in the Meridian field.
Managing director Mr Mike Hughes says there is no doubt this contract is a company-maker which will transform Westside into a significant gas producer.
The announcement comes two weeks after Westside became the target of a takeover bid by Chinese port and refinery owner Landbridge.
WestSide Corporation reported a net loss of $5.65 million in the first half of the 2014 financial year.
