ASX listed Transerv Energy (ASX: TSV) is an oil and gas exploration and production company based in Perth, Australia. Transerv’s objective is to deliver robust shareholder returns through the identification and development of a diversified portfolio of oil and gas assets.
Backed by a management team with substantial operational experience both in Australia and overseas, Transerv prides itself on its project identification ability, project management and operational expertise.
The company has two existing joint ventures in the Perth Basin: the Warro JV with Alcoa and the Xanadu JV with Norwest Energy and associated partners.
Transerv will continue to review new opportunities to add to the existing portfolio.
Transerv has agreed to fund 20% of the exploration Xanadu-1 well to earn 15% of the Xanadu prospect and TP15. The Joint Venture with permit owner Norwest Energy, Triangle Energy Group and 3C Group plans to drill Xanadu-1 in mid-2017.
In addition to the farmin, TSV acquired 100,000,000 shares in Norwest for $200,000 giving Transerv an additional indirect interest of presently ~3.7% in Xanadu / TP15.
For more information on Xanadu, please go to the Norwest website here.
Latent Petroleum – Warro Gas Project
Latent Petroleum holds a majority interest (57%) in the Warro Gas Project approximately 200 kilometres north of Perth. Aluminium company Alcoa of Australia is Latent’s joint venture partner holding the remaining 43% project interest.
Alcoa has earned its interest in the Warro Gas Project through funding the drilling of four wells (Warro-3, 4, 5 and 6) as part of a staged farm-in evaluation program.
The farm-in program includes a drilling program and seismic surveys which could see Alcoa earn a total 65% interest.
Upon completion of the program Transerv, through Latent Petroleum, will retain a 35% interest in the project.