
Triangle Energy, a Perth based ASX-listed company with operations in the onshore and offshore Perth Basin in Western Australia and UK-focused joint ventures in the UK with Athena Exploration and Orcadian Energy, has provided an update on its UKCS activity.
Triangle has a 50% interest in license P2628 in the UK containing the Cragganmore gas field as part of a Joint Venture with Athena Exploration. The operator calculates the Best Estimate resources to be 527 Bcf of gas. The JV has reduced expenditure on this permit, placing it in a care and maintenance mode until the political conditions and sentiment towards oil and gas activity in the UK improve. Some progress has been made recently with the issuance of new guidelines on project emissions which will allow some existing fields to progress through development, such as the Rosebank Field. These new rules could apply to the Cragganmore Field. Triangle is keeping a close watch on the situation for any further regulatory changes that would allow the JV to actively pursue its strategy of bringing in partners to fund drilling activity in this asset.
Triangle has a 50% interest in permit P2650 in the Outer Moray Firth, Offshore UK as part of a Joint Venture with Orcadian Energy. The block has potential for shallow gas which is evidenced by the Direct Hydrocarbon Indicators (DHI’s) seen on the seismic lines over the prospects. The short-term work program comprises seismic reprocessing and a geological and geophysical re-evaluation. The JV has reduced expenditure on this permit, placing it in a care and maintenance mode until there is improved sentiment towards oil and gas activity in the UK that would allow the JV to progress the asset.
In both UK assets, the respective JV partners, who operate the licences, are proceeding with low-cost technical work to enhance the value of the assets to potential third parties.
Source: Triangle Energy