Australia: Triangle Energy Joins Key Petroleum in Mt Horner Oilfield

Laxman Pai
Thursday, November 1, 2018

Australian oil and gas production and exploration company Triangle Energy (TEG) has entered a farmout deal with fellow oil junior Key Petroleum to acquire a 50% stake in the Mt Horner oilfield in Western Australia’s Perth Basin.

"The Board of TEG is pleased to announce that it has entered into a Farmout Agreement with Key Petroleum to acquire a 50% participating interest in Production Licence L7(R1) (Acquisition). A wholly owned subsidiary of Triangle will hold the relevant interest earnt under the Farmout Agreement and Triangle is providing a guarantee of that subsidiary’s obligations under the Farmout Agreement," said a press statement.

Triangle’s Managing Director Rob Towner said the farmin to the Mt Horner L7 Production Licence (L7) further demonstrates the Company’s strategy of growth in the Perth Basin.

“Working with our technical advisers, Tamarind Resources Pte Ltd, Triangle has been able to identify the potential for additional reserves at Mt Horner. The exploration and redevelopment potential of L7 fits perfectly with Triangle’s strategy of exploration for additional reserves within already proven oil fields, like our current strategy at the Cliff Head Oil Field," he said.

“Triangle considers there is potential for significant contingent and prospective resources on the L7 permit and we look forward to working with Key to advance the L7 Mount Horner development and ultimately provide benefits to our shareholders," Rob added.

“In addition, any extracted oil could potentially be processed at Triangle’s onshore Arrowsmith Processing Plant which could add to the economic viability of the L7 development,” Rob said.

The Mt Horner licence overlies the Allanooka Terrace in the North Perth Basin and is adjacent to the prolific Dandaragan Trough, and south of Geraldton, located about five hours drive north of Perth.

Categories: Energy Mergers & Acquisitions People & Company News

Related Stories

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

ADNOC’s XRG Partners Up with Petronas for Offshore Gas Block in Caspian Sea

Valeura Energy Greenlights Wassana Oil Field Redevelopment off Thailand

SLB Names Raman CSO, CMO

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com