Triangle upgrades resources at L7 permit in Perth basin
Sydney-listed Triangle Energy has upgraded the prospective resources attributable to the L7 permit in the Perth basin in Western Australia, it said on April 12 in a statement.
The gas prospective resources have increased from 165bn ft3 to 617bn ft3 and oil prospective resources stand at 19mn barrels, the company added.
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Triangle presently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from fellow Australian explorer Key Petroleum. The L7 permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains similar-looking structures with the same reservoir targets.
“I am pleased to report to shareholders that Triangle has added to the capacity and increased the focus of the subsurface team resulting in a technical review and substantial increase in the resources attributable to the L7 project,” Triangle managing director Conrad Todd said. “Net resources will double when we complete the acquisition of the remaining 50% interest from Key.”