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Transerv Energy Limited

Transerv Energy is an ASX-listed company focused on making strategic investments in conventional and unconventional oil and gas projects – a developing area given demand for oil and gas is expected to increase significantly in the future.

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Flash Note - Transerv Energy Limited (ASX:TSV) 

Recoverable Contingent Gas Resource Doubled

Successful Drilling of Warro 5 and 6 Wells

November 30, 2015


Independent assessment of the Warro gas field has significantly increased resources:

  • Contingent Resource Low estimate of 2.4 Tcf of total gas initially in place (GIIP), more than double the 2008 estimate of 1.10 Tcf
  • Contingent Recoverable Resource Low estimate of 1.3 Tcf, more than double the 2008 estimate of 0.61 Tcf
  • Total GIIP estimate of 11.6 Tcf, approximately 15% higher than the 10 Tcf upper limit from the 2012 Shanley Review
  • Total Contingent and Prospective Recoverable Low estimate gas of 2.6 Tcf worth around $1.8 billion at current Western Australian market prices, or $630 million net to Transerv

Successful drilling of Warro-5 and Warro-6 wells:

  • Warro-5, drilled to a total depth (“TD”) of 4,422m intersected strong gas shows over a gross interval of 161m, including 130m of net gas pay between 4,247m and 4,408m
  • Warro-6, drilled to a TD of 4,520m intersected strong gas shows over a gross interval of 315.5m from 4,147m to 4,462.5m, which included 210m of net pay
  • Warro-6 also intersected gas bearing sands from 4,483 to the bottom of well at 4,520m

The results from the two recent wells and subsequent GIIP resource upgrade at the Warro Gas Project have provided excellent results for Transerv, reaffirming the potential of the Warro Gas Project, in which Alcoa, Western Australia’s largest domestic gas user, is earning 65% through funding of activities. Warro contains the largest undeveloped onshore gas resource in Australia, is close to major gas pipelines and is located just 200km north of Perth.

The recent drilling programme included two wells, Warro-5 and Warro-6, on which initial testing could commence in December and may take up to six months to complete. Both wells were drilled away from the deep-seated faults intersected in Warro-3 and Warro-4, which were interpreted as being the source for unwanted water inflows. Warro-5 is sited 3.5km away from the previous wells, representing a significant step out, and given the results of the drilling, provides a substantial extension to the proven extent of the gas field. These well results have proven a significant volume of in-place gas which will provide the nucleus for a development programme once commercial gas flows are established. 

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