Since floating on the Australian Stock Exchange in April 2005 as a dedicated coal seam gas explorer, WGP has successfully transformed itself into a diversified energy company holding a portfolio of promising assets and opportunities.
These range through from coal seam gas exploration, oil and gas exploration, and oil production. WGP has acquired leases, and established joint venture and farmin agreements, that can assist the Company in becoming a substantial producer in the Australian energy market.
Westralian Gas and Power was Western Australia’s first publicly-listed energy exploration company to focus on proving up economic reserves of coal seam gas (CSG) in its onshore petroleum permits. Development projects are centred in the Southwest and Midwest of Western Australia.
The company also has an interest in significant areas for conventional oil and gas in the offshore Perth Basin. These areas are in joint venture arrangements with ROC Oil Limited (ROC) and are currently under investigation and analysis by ROC.
Westralian Gas and Power has recently announced a Level One American Depositary Receipt (ADR) program with the Bank of New York Mellon as the depositary bank. This will facilitate the purchase of WGP shares by US investors, with one ADR equivalent to 200 Ordinary Shares of Westralian Gas and Power Limited. ADRs trade in the US over-the-counter (OTC) market under the trading symbol WGPRY (CUSIP No. 961436102).
With the successful farming out of the Company’s holdings in Western Australia the Company now holds a significant free carried interest in both its onshore Coal Seam Gas and offshore oil and gas areas.
These joint ventures eliminate the Company’s ongoing exploration costs on its Western Australian holdings, enabling it to focus its efforts on expansion into other areas of the energy sector.
The Company also operates a low production oil field in Kentucky through a wholly owned subsidiary, Sunset Energy LLC.