Ann: Transerv Investor Information Pack, page-14

Why you ask. Yes why indeed. They already have a 57% interest, why not go for the whole hog ?

Transerv Energy Limited (TSV) is an Australian energy investment company with interests in Western Australia and Canada. The Company currently has a 57% interest, diluting to 35%, in the potential 3-4 Tcf Warro tight gas field in the Perth Basin (the largest undeveloped field in onshore Australia) and holds interests in several Canadian oil and gas opportunities including the emerging Montney Liquids Play in NE British Columbia.
The Enerdrill Rig-3 is currently drilling AWE’s Waitsia-2 well with Warro-5 & 6 the next two wells on the drilling schedule. TSV is fully carried on the drilling costs by Alcoa of Australia Limited (Alcoa) as part of its existing farm in agreement which began in 2008 when Alcoa agreed to a staged farm-in consisting of a multi well drilling program to earn up to a 65% interest (spending $100m minimum). To date Alcoa has earned 43% and spent $53m on two wells and the acquisition of seismic surveys. With the upcoming Warro 5 & 6 drilling campaign we anticipate Alcoa will increase its holding to 65%.
The Enerdrill Rig #3 is expected to mobilise to Warro during August 2015 after rig release from AWE, with drilling operations expected to commence late August/early September

Why you ask would ALCOA want to buy into TSV; the above explains all. When Warro-5 & 6 have been drilled and good results obtained, God willing, ALCOA will have increased it's holding to 65%. Why wouldn't they want to buy the rest ?