Triangle presently holds a 50% interest in the Mt Horner L7 Production Licence (L7) and is in the process of acquiring the remaining 50% from Key Petroleum. 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.

The L7 Permit is situated just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains highly attractive, similar-looking structures with the same reservoir targets.

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.

A 3D seismic survey over the highly prospective L7 Permit was completed May 2022. The processing of seismic data is expected to take 4-5 months for the final product however a fast-track seismic cube will be available sooner which will enable Triangle to commence their interpretation and prospect generation early. This is expected to result in a confirmation of resource estimates and a reduction in risk of the very attractive prospects and leads which have a Most Likely Prospective Resources case of 617 Billion cubic ft (Bcf) gas and 19 million barrels (MMbb) oil as detailed in the ASX release “L7 Permit Prospective Resources Increase” dated 12th April 2022, which we expect will lead into well planning process and then to drilling late next year.

Refer to Triangle’s most recent ASX announcements for the most up-to-date information on Mount Horner (L7).