Small coal seam gas explorer Westside Corp. Ltd. (WCL.AU) said Wednesday that it has agreed to buy acreage near Moura in Queensland state for up to A$80 million.

Westside said it has entered a conditional agreement to acquire Anglo American PLC's (AAUKY) stake in the Dawson Seamgas coal seam gas assets and may also buy Mitsui & Co. Ltd.'s (MITSY) stake in the assets subject to the consideration of preemptive rights.

The deal would result in Westside taking a stake of up to 100% in the producing Dawson Seamgas CSG fields and up to 50% in two adjoining permits.

It would acquire up to 212 petajoules of proven and probable gas reserves and 514 petajoules of proven, probable and possible reserves.

Westside intends to issue shares to existing shareholders to fund the acquisition.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com
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