On 31 October 2018, Triangle Energy entered into a Farmout Agreement with Key Petroleum Limited (ASX:KEY) to acquire a 50% participating interest in Production Licence L7(R1). The farmout to the Mt Horner L7 Production Licence (L7) further demonstrates the Company’s strategy of growth in the Perth Basin.
Triangle has been able to identify the potential for additional reserves at Mt Horner. The exploration and redevelopment potential of L7 fits perfectly with Triangle’s strategy of exploration for additional reserves within already proven oil fields, like the current strategy at the Cliff Head Oil Field.
The Mt Horner licence overlies the Allanooka Terrace in the North Perth Basin and is adjacent to the prolific Dandaragan Trough, and south of Geraldton, located about five hours drive north of Perth
Triangle has identified significant contingent and prospective resources on the L7 permit and we look forward to working with Key to advance the L7 Mount Horner development and ultimately provide benefits to our shareholders.
See announcement dated: 31 October 2018