In 1997, members of the Transworld team identified major gas exploration opportunities in the Bay of Bengal Bangladesh, which is one of the foremost hydrocarbon areas of the world.

Through the following years, a Transworld special purpose vehicle pursued exploration licenses along with associated product sharing contracts ('PSC') with the Bangladesh Government and its public sector undertaking, Petrobangla.

Subsequently, this special purpose vehicle acquired acceptance for the purpose of pursuing its interest in one of the designed gas exploration blocks ... Block 4, though progress in the finalisation of licenses and PSC's was delayed due to political issues and uncertainties concerning approval of an export pipeline to India.

Various licenses and PSC's have now been granted and further off-shore gas exploration blocks are to be offered for tender. Consequently, Transworld through its special purpose vehicle is pursuing its interest in Block 4 and preparing for potential involvement in the tender for the next round of off-shore blocks.