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Triangle Energy launches critical Perth Basin study

26 April 2022

ASX:TEG

Rueben Hale

Triangle Energy (Global) Limited – holding a 50 per cent equal share with Key Petroleum (KEY) on the L7 Permit and in the process of acquiring the remaining 50pc, is also acquiring Pilot Energy’s (PGY) 13.058 per cent and Key’s 86.942pc stake in the Perth Basin – expects to begin the critical survey in prolific area in early May.

The seismic study is already underway with preliminary surveying of the Permit boasting highly attractive, similar-looking structures with the same reservoir targets as nearby large Waitsia, Senecio and Lockyer Deep gas fields.

The company said a signed Sales and Purchase agreement (SPA) with Pilot Energy is the first step toward a 100pc interest ownership in the Permit when the Key acquisition is complete.

“I am pleased to report to shareholders that Triangle has commenced the 3D seismic acquisition in the L7 and EP 437 Permits and that the seismic acquisition is fully third party funded,” managing director Conrad Todd said

“This is a major step towards realising the potential in this prospective block.”

Meanwhile, TEG and PGY have signed a binding term sheet to re-align interests in WA-31-L Cliff Head Joint Venture.

The companies say the agreement provides a clear pathway for the Carbon Capture and Storage (CCS) development project at Cliff Head.

TEG’s Australia Stock Market-listed share price is trading at 1.5 cents today (11: 12 am UTC+ 8 hours).

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COMPANY OVERVIEW

Triangle Energy (Global) Limited is an experienced oil producer and explorer with operations located in the Perth Basin, approximately 270 kilometers north of Perth, Western Australia.

Triangle is the registered operator and holds a substantial interest (78.75%) in the Cliff Head Oil Field (PL WA-31-L) encompassing the onshore Arrowsmith Stabilisation Plant and offshore Cliff Head Alpha Platform.  Field production is ~800 BOPD with the Company well positioned to leverage on its operating expertise and infrastructure to secure wider growth opportunities in the Perth Basin beyond the Cliff Head JV.

The Company’s growing footprint in the Perth Basin includes a 45% JV interest in the Xanadu-1 prospect within TP/15 Xanadu oil field and a 50% participating interest in PL7 (R1) inclusive of the Mt Horner oil and gas Field.

Outside of the Perth Basin, Triangle holds a substantial (27.67%) equity interest in ASX listed State Gas Limited (ASX:GAS) who are advancing the development of the Reids Dome Gas Project (PL 231) aimed to supply the shortage of gas in the eastern states and bring gas to market as quickly as possible.

COMPANY INFORMATION

ASX:TEG

Website
triangleenergy.com.au

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