Triangle Energy (Global) Ltd has reported a material increase in the prospective gas resources across its L7 permit in the iconic Perth basin.
The energy stock’s enhanced technical team reviewed data across the oil and gas tenement and delivered today’s resource update.
As a best estimate, L7 is now reported to hold 617 billion cubic feet of prospective gas resource — almost four times the previous 165-billion-cubic-foot estimate.
L7’s prospective oil resource now stands at a best estimate of 19 million barrels of oil.
Triangle currently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from Key Petroleum.
The oil and gas permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains similar-looking structures with the same reservoir targets.
Net resources poised to double
Commenting on the update, Triangle Energy managing director Conrad Todd said: “I am pleased to report to shareholders that Triangle has added to the capacity and increased the focus of the subsurface team resulting in a technical review and substantial increase in the resources attributable to the L7 project.
“Net resources will double when we complete the acquisition of the remaining 50% interest from Key.
“Triangle continues to progress the acquisition of 3D seismic over these prospects and leads, which we expect to increase the chance of success and enable us to bring a partner into the L7 permit."
Looking forward, TEG is working to secure a stake in the EP 437 permit, so it’s yet to quote resources for that tenement.