• Natural Gas News

    Triangle Energy completes Perth basin deal

Summary

Triangle has completed the purchase of Key Petroleum’s interests in permits L7 and EP 437 in the Perth basin.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, News By Country, Australia

Triangle Energy completes Perth basin deal

Triangle Energy has completed the purchase of Key Petroleum’s interests in permits L7 and EP 437 in the Perth basin, it said on September 21.

This purchase, in addition to the acquisition of a 13.058% from Pilot Energy in EP 437 will result in Triangle owning a 100% interest in both permits.

“This is a strategic step forward which enhances the value of these blocks to Triangle. The timing coincides with the upcoming interpretation of the Bookara 3D seismic survey shot earlier in 2022 and completes an agreement which was originally signed in 2021,” the company said.

Key entered into a sale and purchase agreement and royalty deed with Triangle last year to sell 50% participating interest in production licence L7. Also, Key and its subsidiary Key Midwest sold a combined 86.94% interest in exploration permit EP 437 to Triangle.