Westside Corporation (WCL) has signed a binding agreement with GLNG to supply gas to the project for 20 years from 2015

Morgans Financial Limited

Morgans Financial Limited

Westside Corporation (WCL) has signed a binding agreement with GLNG to supply gas to the project for 20 years from 2015. We believe this reduces the market uncertainty surrounding field productivity potential and the company's ability to commercialise its reserves. As production increases and pricing becomes understood, we believe the market will attribute increased value to its reserves and production. This deal should be well received and underpins the value of the Meridian Asset. Increased confidence in a field development profile, higher pricing and in the field performance have led to an increased target price and valuation. We retain our Add rating noting WCL's increased option value from future production and/or reserves. More details and our price target are on the Morgans blog: (VIEW LINK)


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Morgans Financial Limited
Stockbroker
Morgans Financial Limited

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.

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