• Enhanced technical team has reviewed and upgraded Permit L7 Prospective Resources
• Gas Prospective Resources increase from 165 Bcf to 617 Bcf* (Best Estimate)
• Oil Prospective Resources 19 MMbbl* (Best Estimate)
• Significant levels of farmout interest anticipated
Following new Board and management input to the technical team, Triangle Energy (Global) Limited (Triangle Energy / the Company) has reviewed and reworked the highly prospective L7 Permit (Triangle Energy (TEG) 50%, Key Petroleum (KEY) 50%). The recently completed resource review has substantially increased the prospective resources attributable to the L7 Permit, as detailed below.
Triangle presently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from Key Petroleum. The L7 Permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains similar-looking structures with the same reservoir targets.
Triangle is in the process of acquiring an interest in Permit EP 437, therefore we do not quote resources for that permit until we have completed the transaction.
The Managing Director, Mr Conrad Todd said “ I am pleased to report to shareholders that Triangle has added to the capacity and increased the focus of the subsurface team resulting in a technical review and substantial increase in the resources attributable to the L7 project. Net resources will double when we complete the acquisition of the remaining 50% interest from Key.
Triangle continues to progress the acquisition of 3D seismic over these prospects and leads which we expect to increase chance of success and enable us to bring a partner into the L7 permit. ”