It first flagged interest in the Bowen Basin-centred company in February, with LNG Limited emerging as the bidder behind a $165 million takeover bid. LNG was granted due diligence by the WestSide board.
However, there has been little news of progress since then, with the WestSide board repeating that due diligence was ongoing.
It told the market this morning that a number of interested parties had been invited to take a look at WestSide at the behest of its advisors, Moelis & Company.
Executive chairman Angus Karoll said he acknowledged the process had been frustrating for investors seeking clarity.
“Discussions with interested parties and the due diligence process have developed into a lengthier process than the board initially envisaged,” he admitted.
However, he said that it was going slow on the deal to wring the most value out of a potential transaction.
He also said WestSide had told all parties that it expected a firm offer before its AGM on November 22.
Since the LNG Limited interest was announced, Petrochina, which is helping LNG Ltd source gas for Fisherman’s Landing, closed a $41 million deal for Molopo Energy’s CSG assets in the Bowen Basin.
WestSide also announced that its Meridian seam gas venture with Mitsui E&P generated $5.94 million revenue in the 2012 financial year.
It also posted a $7.8 million after-tax loss for FY2012 – a result helped by a $3.7 million profit from the sale of its share of an Indonesian joint venture.
