WestSide Corporation of Australia said today that it has received a $178 million takeover offer from LNG Limited.
“ WestSide has entered into a confidentiality agreement with LNG Limited and granted due diligence access on a non-exclusive basis ,” the company said in a statement.
“LNG Limited has only recently begun its due diligence. The due diligence process may take some time and there can be no certainty that a binding offer will be made once LNG Limited has completed its due diligence ,” Westside added.
WestSide Corporation has interests in coal seam gas (CSG) projects in Queensland and it operates the Meridian SeamGas CSG fields west of Gladstone in Queensland’s Bowen Basin.
LNG Limited is developing a mid-scale (3.0 million tonne per annum) liquefied natural gas plant at Fisherman’s Landing in the Port of Gladstone.
[mappress] LNG World News Staff, March 2, 2012; Image: LNG limited