Triangle Energy Raises $4 Million, Boosting Perth Basin Plans and Upcoming Booth-1 Drilling

Triangle Energy (Global) Ltd has garnered significant backing for its Perth Basin oil and gas strategy, securing $4 million through a highly successful placement to institutional, sophisticated, and professional investors.

The funds will be allocated to the exploration and drilling of high-impact onshore assets in the Perth Basin, with the Booth-1 well scheduled to commence drilling on July 31.

Booth-1, the company's first well to be drilled on its permits in 30 years, will explore several oil and gas targets, including the Kingia and other early Permian formations, the Dongara formation, and the Mt Horner equivalent oil sands.

Triangle’s Managing Director, Conrad Todd, commented, “This placement positions the company strongly as we embark on a transformative period, starting our first drilling campaign in years and nearing the completion of the Cliff Head oil field divestment.

"The strong support from both existing and new investors highlights their confidence in our strategy, which focuses on our promising Perth Basin exploration assets and new opportunities.

"With the imminent spud of Booth-1, we are eager to begin what is anticipated to be one of the most exciting drilling campaigns undertaken by a junior company in recent years.”

The Booth-1 well aims to target a total Prospective Resource range of 113 Bcf to 540 Bcf, with a Best Estimate of 279 Bcf (Gross 100%, on-block).

The funds from the placement, along with the company’s current cash reserves, will be allocated to support exploration and the upcoming drilling of Triangle’s Perth Basin assets (L7 and EP 437), as well as for general working capital needs.

Triangle Energy (Global) Limited is an experienced oil producer and explorer operating in the Perth Basin, approximately 270 kilometers north of Perth, Western Australia. The company is the registered operator and holds a significant 78.75% stake in the Cliff Head Oil Field (PL WA-31-L), which includes the onshore Arrowsmith Stabilisation Plant and the offshore Cliff Head Alpha Platform. Triangle Energy is well-positioned to leverage its operational expertise and infrastructure to explore further growth opportunities in the Perth Basin beyond the Cliff Head Joint Venture.

The company's expanding presence in the Perth Basin also includes a 50% interest in L7 (R1), which encompasses the Mt Horner oil and gas field.

Beyond the Perth Basin, Triangle Energy holds a 9.3% strategic stake in ASX-listed State Gas Limited. State Gas is progressing with the development of the Reids Dome Gas Project (PL 231), which aims to address the gas shortage in the eastern states and expedite the supply of gas to the market.