Triangle Energy says oil and gas drill planning well advanced

–News Direct–

Triangle Energy (Global) Ltd (ASX:TEG) managing director Conrad Todd tells Proactive that Triangle, Talon and NZOG have ordered the casing and well heads for the upcoming oil and gas wells in Permits L7 and EP 437 next year. He says applications for environmental permits have also been submitted with discussions progressing on rig availability. The Booth well is targeting gas with a prospective resource range of 113 Bcf to 540 Bcf with a mid-case of 279 Bcf. The Becos well is targeting oil with a prospective resource range of 1 MMbbl to 21 MMbbl with a mid-case of 5MMbbl oil.

Todd said I am pleased to report to shareholders that the Joint Venture is progressing the drilling planning for the wells having committed to purchase of the Long Lead Items and is also progressing the environmental applications and rig negotiations. In addition, following further seismic processing and data enhancement further prospectivity at both the Jurassic and Permian interval has been identified. Triangle has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and the adjacent EP 437 exploration licence, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has a 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

[email protected]

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