Triangle, Athena JV wins gas blocks in UK licensing round
A joint venture of Australia-listed Triangle Energy and UK-based Athena Exploration has been offered five blocks in the West of Shetlands gas province as part of the first tranche of awards in the 33rd UK licensing round, Triangle said on November 3.
The JV’s blocks contain the Cragganmore gas field, discovered in 2012 and defined by three wells, two of which discovered gas and one which encountered water. The reservoir quality varies between the two gas wells, the determination of which will be addressed by the work programme which is likely to comprise obtaining 3D seismic and reservoir studies for the firm commitment period, the company said.
The Cragganmore gas field has been estimated by the operator, Athena, to have a range in discovered recoverable gas from a low estimate (1C) of 273bn ft3 to a high estimate (3C) of 1,022bn ft3, with a best estimate (2C) of 527bn ft3.
"We now have a diversified asset base, all in tier-one locations. We look forward to advancing the Cragganmore discovery whilst preparing to drill our exciting prospects in the Perth Basin next year," Triangle Energy's managing director, Conrad Todd, said.
The company expects further announcements from the North Sea Transition Authority towards the end of this year and into Q1 2024 regarding the other license areas that it has also bid for in the 33rd round.
In Australia, Triangle has a 78.75% interest in and is the operator of the producing Cliff Head oil field, which includes the Arrowsmith stabilisation plant. It also has a 50% share of the Mt Horner L7 production license and the adjacent EP 437 exploration license, both located in the Perth Basin.
Triangle also has an equity interest in State Gas, which has a 100% operating interest in the Reids Dome gas project in Queensland.