The non-binding proposal involves the takeover of 100% of WestSide’s shares for 52c each, with the latest update taking the entire saga out by nearly a year.

It originally received a $165 million bid from a party later revealed to be LNG Limited, which was looking to secure gas supply for its Fisherman’s Landing LNG project at Gladstone.

It eventually pulled out of the running, telling the market it would prefer to set itself up as a tolling company, leaving the upstream development of resources to other companies with deeper pockets.

WestSide then announced late last year that another company had joined the party and would be allowed to undertake due diligence.

Speculation has been rife surrounding the identity of the bidder, with some suggesting it could be PetroChina.

PetroChina had been in the market last year, buying up Molopo Energy’s CSG assets in Queensland for $41 million and agreeing to supply the Fisherman’s Landing development gas from Molopo’s assets.

The Chinese major’s parent company is also the parent of China Huanqiu Contracting & Engineering Corporation, which owns 19.9% of LNG Ltd.

PetroChina will also help find Chinese buyers for LNG from the project.

WestSide has advised shareholders to continue to take no action while a binding proposal is not on the table.