Triangle Energy has taken a 100 per cent holding of oil and gas acreage in Western Australia that is currently producing 700 bopd and holding 617 Bcf and 19 million barrels of potential gas and oil respectively. The deal with Key Petroleum also sees the company buy back the five per cent production royalty from Key, that it says makes the permits more valuable.
The final bill for the transaction costs include a final $100,000 due on the purchase of the interests and $500,000 cash on completion and a further $500,000 of Triangle Energy shares to be issued on or before June 30, 2023.
The company has acquired the Bookara 3D seismic data across the areas with delivery set for the final quarter this year. A full analysis of the data should then lead to well targets being identified for exploration in early 2024.
The future of the Perth Basin appears bright with new fields like Waitsia, Senecio and Lockyer Deep gas fields coming on line and a tenacity of effort not seen in many basins of Australia.
Waitsia gas field is ranked as one of the largest gas fields ever discovered onshore Australia and it is only getting its production facilities up to scratch now. Mike Collins knows all about Waitsia as he used to be Vice President of exploration at Mitsui Exploration and Production in Australia.
The Lockyer Deep gas field is still under development by Chris Ellison’s MinRes and minority partner North West Energy. According to the operator the gas field will be developed to push diesel generation out of Western Australian mines replacing it with cleaner, cheaper, reliable gas fired power plants.
Most domestic gas users in Western Australia can access gas from the Perth basin through the Dampier-Bunbury and Parmelia gas pipelines that pass over or close to all of these fields.
Triangle Energy, Managing Director, Conrad Todd said: “I am pleased to report to shareholders that Triangle has completed the acquisition of a 100 per cent interest in both the L7 and EP 437 permits. In addition to purchasing the interests in the permits, Triangle has bought back the percent production royalty from Key, which makes the permits more valuable.”
It looks like Triangle Energy are staffed up for success and running in a herd of head strong oil and gas companies dedicated to the future of Western Australia’s energy independence.
Triangle appears to be going from strength to strength after negotiating the closure of the BP’s Kwinana refinery earlier in the year and the latest move could be the next to pay off for the forward looking WA oil and gas player.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
