We have a 66% stake in a company that is producing 100 barrels of oild a day. So in essence we have an income stream
As much as warro seems to be dead, i would not write anything off until all the water has been retyreived and the clean up has taken place. Funnier things have happend
Macquarie memorandum released for sale/farm-out of Duvernay and Rock Creek assets Transerv Energy (ASX: TSV) is pleased to advise that the partners in the Alberta Joint Venture (Transerv 34 per cent) have taken a key step towards monetising the value of the highly prospective Project with the issue of the Overview Memorandum for the sale/farm out process. Macquarie Tristone Canada has released a project overview memorandum, formally commencing the sale/farm-out process of the Duvernay Shale and Rock Creek petroleum rights held within the Alberta JV. Bids are expected in late October for both the Rock Creek and Duvernay Shale assets (either jointly or separately). Transerv’s joint venture partners in the Alberta Project are Mako Energy (ASX: MKE) and Kilgore Oil & Gas (ASX: KOG). The Alberta JV has a total land holding within the Duvernay Shale and Rock Creek fairway of 141.53 gross sections (36,231 hectares or 90,579 acres). The partners decided to review their sale and/or farm out options in light of the soaring prices being paid for exploration acreage in the region. The Duvernay has hosted several liquids-rich shale gas discoveries in the region in recent months, resulting in a significant increase in demand for this acreage. Transerv paid an average of $200 a hectare over the past nine months or so for its approximately 11,900 net hectares. A land sale in Alberta last week confirmed the strong continued industry interest in the area when $185 million was paid for 92,040 acres ($2,010/acre or $4,965/Ha) of land immediately to the west of Transerv’s holding. Based on these prices, Transerv believes it could realise a substantial cash injection and a free-carried interest as a result of the Macquarie process. Completion of Carnaby asset acquisition in British Columbia Transerv is also pleased to advise that the Canadian investment syndicate of which it is a member has completed the acquisition of a parcel of existing production and exploration oil and gas properties in British Columbia, Canada. The syndicate, in which Transerv has a 66 per cent stake, paid C$12.7 million (Transerv’s share C$8.6 million) for the assets. The assets are generating approximately 200 BoE a day (40 per cent oil). They also include numerous drilling and recompletion opportunities which the company is presently assessing in preparation for drilling later this year. For and on behalf of the Board
TSV Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
