Triangle Energy Completed 3D Seismic Survey in Perth Basin

Source: 5/31/2022, Location: Not categorized

Permit L7 and EP 437 3D Seismic Acquisition Completed
Fast Track interpretation option selected to advance exploration

Triangle Energy (Global) Limited is pleased to announce that the 3D seismic survey over the highly prospective L7 Permit (Triangle Energy (TEG) 50%, Key Petroleum (KEY) 50%) and EP437 Permit (TEG acquiring 13.058 percent from Pilot (PGY) and 86.942 percent from KEY) in the Perth Basin was completed on time and within budget.

Triangle presently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from Key Petroleum.

Processing of the 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 Resouce case of 617 Billion cubic ft (Bcf) gas and 19 million barrels (MMbb) oil as detailed in the ASX release of the 12th April 2022, which we expect will lead into well planning process and then to drilling late next year.

The survey outline shown in Figure 3 covers the prospective areas of the blocks. The data was acquired by vibroseis (Figure 4) after the crops were harvested.

The L7 Permit is located 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 top five gas prospects are tabulated below and shown on the Top Kingia depth map:

The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk to development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The estimates shown in this document are unrisked.

The Managing Director, Mr Conrad Todd said I am pleased to report to shareholders that Triangle has completed the 3D seismic acquisition on the L7 and EP 437 Permits and that the seismic processing will commence very soon. This is a major step towards realizing the potential in this highly prospective block. Following completion of the Fast Track cube interpretation we will move quickly to the drill planning phase.

Authorised for Release by: The Board of Directors

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