Brisbane, Australia, April 3, 2012 - (ABN Newswire) - As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Limited (ASX:WCL.AX - News) advises that the Meridian SeamGas joint venture and the owners of the adjacent Dawson coal mine (the "Coal Party") have signed an agreement to optimise management of five well-sets located within a co-development area of the mining lease.
Meridian SeamGas has the right, under a Co-Development Agreement with the Coal Party, to extract gas from specific areas of the mining lease prior to the expansion of mining into those areas. Under this new agreement the Coal Party will be granted access to a 0.8 km2 of the co-development area 12 months earlier than would otherwise be the case.
In return for gaining expedited access the Coal Party has committed to fully compensate Meridian SeamGas for any loss of production from the five wells at agreed gas prices, for a period of two years, should production be adversely affected.
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