ADD ENERGY AND TRANSBORDERS AUSTRALIA FORM EXCLUSIVE PARTNERSHIP TO COMMERCIALIZE STRANDED GAS RESOURCES IN AUSTRALIA

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Add Energy and Transborders Australia (Transborders) are pleased to announce that they have signed a Memorandum of Understanding (MoU) for exclusive business collaboration to accelerate the commercialization of stranded offshore gas resources in Australia.

The MoU was signed in Perth today by Add Energy’s Chief Operating Officer, Dermot O’Keeffe and Transborders Director, Mr Daein Cha. 

The agreement forms an exclusive business collaboration between Add Energy and Transborders to deploy a small scale Floating LNG (FLNG) vessel with subsea wells tie-back development concept for commercializing a series of stranded offshore gas resources in Australia.  As a business partnership, Add Energy will solely engineer, procure, drill, complete and operate the wells for a series of such projects.

Add Energy’s Chief Operating Officer, Dermot O’Keeffe commented “Today’s signing gives both companies scope to create significant value by working together to identify new project opportunities. Innovative concepts that will lead to the development of previously stranded gas resources are an important part of the energy industry for the future.

Add Energy is pleased to partner with Transborders in this strategic venture which allows us to work closely to achieve success through the implementation of fit for purpose technology, and high quality operational capabilities in a safe manner, with respect for our environment.”

Transborders Director, Daein Cha commented “This collaboration marks a new milestone for both companies to grow their businesses and footprints in Australia. Add Energy’s outstanding capabilities and track record in drilling and wells operations, and wells safety and risk management significantly adds to our credibility for deploying our small scale FLNG and subsea wells tie-back development concept.”

Add Energy is an international consultancy provider for the energy industry, combining specialised engineering and proprietary software solutions, a global team of experts deliver a complete suite of optimised consultancy services related to drilling and wells, EPC, operations and maintenance, and safety and risk management for oil & gas operations.

Transborders is an independent energy company that conducts small scale FLNG project development in Australia and associated LNG sales & trading.  Transborders farms into and commercialises stranded gas resources of approximately 0.5 to 3.0 trillion cubic feet (TCF) within Australian jurisdiction by deploying a small scale (~0.5 million ton per annum production capacity) FLNG and subsea wells tie-back development concept augmented by the management of regulatory approval and LNG sales processes.