Triangle Energy raises A$4mn for drilling in Western Australia
Australia’s Triangle Energy has raised A$4mn ($2.7mn) through a share placement to fund drilling in the Perth basin in Western Australia, it announced on July 30.
The placement comprises the issue of approximately 266.67mn new fully paid ordinary shares, including 85.32mn placement shares. The issue price of 1.5 cents/share represents an 11.8% discount to the last closing share price prior to the placement.
Triangle will also issue one listed option for every placement share subscribed, each exercisable at 2.5 cents with an expiry date of June 30, 2025.
The company stated that the Booth-1 well is on track to spud this week and is testing multiple oil and gas targets, including the Kingia and other early Permian formations, the Dongara formation, and Mt Horner equivalent oil sands. The total prospective resource range targeted by the well is 113bn ft3 to 540bn ft3 of gas, with a best estimate of 279bn ft3.