Under the agreement, the Benelux JV will secure, explore, develop and market hydrocarbon tenements - including coal bed methane, coal mine methane as well as conventional oil and gas - in Belgium, the Netherlands and Luxembourg.
Transcor was founded in 1947 as a metal trading company in Belgium and has evolved through acquisitions and organic growth into an international supplier of energy commodities.
In late 2007, the company had subscribed to €36.4 million ($A62.5 million) for convertible notes in European Gas that was used for European Gas' acquisition of Gazonor SA, which owns coal mine methane production assets and associated surface infrastructure in northern France, and working capital.
