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The company is chasing a rapid build-up of its operations in the field after securing a 65 terajoule per day gas sales agreement for the Gladstone LNG project, spread out over a 20-year term.
WestSide has a 51% stake in the field, which it said it could fund using existing cash reserves and projected cash flows, however, additional capital would help speed up the ramp up in supply volume.
“The responses from a variety of prospective financiers have increased the board’s confidence that an attractive credit facility can be secured to fully fund WestSide’s share of the field development,” Westside managing director Mike Hughes said.
“Our aim is to fund an accelerated expansion of the Meridian gas field without diluting existing shareholders through additional equity capital raisings.”
The producer expects to receive more debt funding proposals in the near future and plans to make its decision on a preferred financier in the fourth quarter of this year.
