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LONDON -- Brit producers Paul Cowan and Chris Wheeldon have pacted to launch Territorial Film Developments, a production outfit that will finance and produce three low-budget pics per year.

New company, which has attracted Enterprise Investment Scheme coin, will focus on horror and comedy titles with budgets below $2 million.

TFD's first offering is "Black Water," a film about three young people whose fishing trip goes horribly wrong when their boat is attacked by crocodiles in the mangrove swamps of Northern Australia.

Project, a collaboration of TFD and the Australian Film Commission that is in post, was sold to 11 territories at Berlin by U.K.-based AV Pictures.

Also on the TFD slate is Richard Blanshard's supernatural horror "Soothsayer," Les Blair's urban drama "Good Morning Tottenham" and Austro-Hungarian Empire vampire pic "Carmilla: A Monstrous Tale of Lesbian Vampires."

Rodney Payne (formerly with Coutts & Co and Cobalt Pictures), Michael Ryan (Handmade Films Intl.) and Adrian Munsey (Infinity Video) have joined Cowan and Wheeldon as non-executive directors at TFD to provide expertise in the fields of international film sales, distribution and financing.