Triangle Energy has entered into a farmout agreement with Key Petroleum for the Mount Horner Production Licence L7.
Under the agreement, Triangle will acquire a 50 per cent participating interest in the project which is located in Western Australia’s Perth basin.
An early work program consisting of a workover of two existing wells in the Mount Horner Oil Field will be funded equally by Triangle and Key, while Triangle will also simultaneously develop another program, including a 3D seismic survey and the drilling of at least two wells.
Triangle Energy Managing Director Rob Towner said the new agreement was a great opportunity for the company.
“Triangle has been able to identify the potential for additional reserves at Mount Horner,” he said.
“Triangle considers there is potential for significant contingent and prospective resources on the L7 permit and we look forward to working with Key to advance the L7 Mount Horner development and ultimately provide benefits to our shareholders.”
The licence overlies the Allanooka Terrace in the North Perth Basin and is located approximately 5 hours drive from Perth.
For more information visit the Triangle Energy website.
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