(EnergyAsia, March 8 2012, Thursday) — Australia’s WestSide Corporation Limited has revealed LNG Limited as the party that had offered to acquire all its shares for A$0.65 each for a total of A$165 million in cash. (US$1=A$0.94).

The proposed takeover came to light when Westside issued a statement to the Australian Securities Exchange (ASX) on February 13 that it was the subject of a takeover offer by an unidentified party.

In an update last week, Westside said LNG Limited, also listed on the ASX, has “financial backing from reputable international parties” but it could not provide more details as the two companies had signed a confidentiality agreement.

LNG Limited has begun making due diligence that “may take some time and there can be no certainty” that a binding offer will be made at the end of the investigation.

WestSide Corp owns and operates the Meridian coal seam gas (CSG) fields located west of Gladstone in Queensland state’s Bowen Basin.

Meridian comprises various CSG assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland’s commercial gas network. WestSide holds a 51% interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49%.

Elsewhere in the Bowen Basin, WestSide also operates an exploration and appraisal programme at the Tilbrook and Mount Saint Martin sites. WestSide holds a 25.5% interest in each tenement with Mitsui E&P Australia Pty Ltd owning 24.5 % in each tenement and QGC the remaining 50% in each case.

WestSide also has 51% operating interests in two Galilee Basin (Queensland) tenements covering an area of over 13,280 sq km with Mitsui E&P Australia Pty Ltd holding the remaining 49% in each tenement.