Triangle Energy (ASX:TEG) finds more oil promise in the Perth Basin

Triangle Energy (ASX:TEG) finds more oil promise in the Perth Basin

January 11, 2024 Off By Rueben Hale

In a joint venture with Strike Energy (ASX:STX)  and New Zealand Oil and Gas (ASX:NZO), Triangle Energy Global has identified significant oil exploration potential in its Perth Basin acreage.

Triangle has sold a 50% stake in L7 and EP 437 to Strike subsidiary Talon Energy and NZOG.

The company will share the cost of the first three wells, estimated at $4 million, under a partnership arrangement. It has also identified a large basement high underlying the MH-2 Updip prospect, an untested play with potential oil-prone reservoirs near Mount Horner Oil Field.

New oil prospects have been discovered near the Mount Horner Oil Field. 11 of these prospects in Block L7 have a total Prospective Resource of 36 MMbbl.

Additionally, there is potential for oil and gas in the MH-2 Updip prospect in permit L7.

“Our two blocks in the Perth Basin have not been drilled for 30 years, during which time the introduction of 3D seismic data has played a pivotal role in some of the major discoveries in the Perth Basin in recent years,” Triangle Managing Director Conrad Todd said.

“Triangle and our JV partners are now using our new 3D seismic to great effect in our blocks in the lead-up to drilling next year.

“This latest 3D data interpretation and geological analysis has led to numerous new oil and gas prospects being identified, further highlighting the immense potential in what is the most under-explored acreage in the lucrative Perth Basin.”

The company is currently discussing securing rig slots to drill in mid-2024, targeting the Booth and Becos prospects.

Screen Shot 2024 01 11 at 7.37.16 amThe Base Kockatea structure map over L7 and EP 437

About Triangle Energy

Triangle Energy (Global) Ltd is an ASX-listed oil producer and explorer based in Perth, Western Australia. The company operates the Cliff Head Oil Field and has interests in other production and exploration licenses in the Perth Basin and the UK. Triangle also has a substantial equity interest in State Gas Ltd and is always looking to expand its portfolio of assets.

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