As part of the alliance, Transerv will acquire 100 million shares in Norwest for A$200,000 (US$151,103) and have the right to participate in farm-out wells in all Transerv’s Perth basin permits.
Norwest holds stakes in the TP/15 permit, which contains Xanadu, as well as EP368 and EP426, which lie adjacent to the Waitsia gas discovery, EP413 which contains the Arrowsmith discovery, L14 and EP492.
Transerv
