Triangle Energy (Global) Limited (ASX:TEG)
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.
- CH7 workover completed with on-going production of up to approximately 800 bopd
- Share Purchase Plan Completed with overwhelming support, $3.9M
- Acquisition of 78.75% of WA-481-P and Formation of Joint Venture
- Progressing discussions with crude oil marketing firms regarding offtake alternatives available to Triangle following BP’s intended conversion of the Kwinana oil refinery to a fuel import terminal
- US$1.02M of escrowed funds from PT Enso Asia released from escrow and paid into Triangle