Triangle Energy (Global) Ltd (ASX:TEG) MD Conrad Todd speaks with Proactive following news the company and its 50-50 joint venture partner Athena Exploration Ltd have been offered five blocks in the West of Shetlands gas province which contains the Cragganmore gas field. The acreage is part of the first tranche of awards by the North Sea Transition Authority (NSTA) in the 33rd UK Licensing Round and is adjacent to the Tobermory and Bunnehaven gas fields offered to British energy giant Shell. Todd also discusses a new independent valuation done on TEG by MST Access suggesting the company is worth 5.4 cents per share.
“We are very pleased to be offered these blocks, which give us a significant gas discovery with substantial exploration upside,” Todd said.
“We now have a diversified asset base, all in tier-one locations.
“We look forward to advancing the Cragganmore discovery while preparing to drill our exciting prospects in the Perth Basin next year.
“We also expect further announcements from the NSTA towards the end of this year and into Q1 2024 regarding the other licence areas we have also bid for in the 33rd round.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Triangle Energy (Global) Limited is an Australia-based oil production and exploration company. The Company is focused on the production and selling of oil from its Cliff Head producing oil field. Its projects include the Cliff Head oil field, Xanadu oil field, PL231 conventional gas project, and Mount Horner project. The Company holds approximately 78.75% interest in the producing Cliff Head Oil Field (WA-31-L) located in the Perth Basin. The Cliff Head Oil Field (Cliff Head) is located approximately 300 kilometers north of Perth and 12 kilometers off the coast of Dongara in Western Australia at a water depth of 15-20 meters under Production License WA-31-L (WA-31-L Permit). The WA-31-L Permit covers over 72 square km, and the oil field covers six square km in the commonwealth exploration permit WA-286-P.