Triangle Energy (Global) Ltd managing director Conrad Todd talks with Proactive’s Tylah Tully about the company’s key achievements in 2024 and its strategic plans for 2025.
Todd discusses a pivotal year, including the challenges faced with an unsuccessful well in the Perth Basin, part of a three-well drilling program.
Despite the setback, the company secured favourable terms with Pilot Energy (ASX:PGY) to transfer operations of the Cliff Head oil field, which will contribute $4.85 million in payments and additional royalties, while also covering operational costs in 2024.
Looking ahead, Todd highlighted the next phases of Triangle Energy’s drilling program in the Perth Basin.
Starting in March 2025, the company will drill an oil-targeted well, with potential reserves ranging from 5.00 million to 21.00 million barrels.
A third well targeting oil and gas is slated for late 2025.
Beyond Australia, Triangle Energy is also finalising agreements for new exploration blocks in the Philippines, reflecting its commitment to expansion.
“We're a company with a market cap of $12 million and $10 million in the bank. It looks like there's a lot of upside there,” Todd stated.