Triangle acquires major exploration permit

WA-481-P is located in the offshore Perth Basin in Western Australia and is immediately adjacent to the Triangle owned and operated offshore Cliff Head Oil Field.

Pilot will retain 21.25 per cent non-operated working interest in the permit, with Triangle to pay Pilot $300,000 on completion of the agreement to carry through the WA-481-P Permit 3-year work program.

Additionally, Triangle and Pilot have agreed to form the Cliff Head Wind and Solar Project Joint Venture (JV), in which Pilot will have 80 per cent interest as owner and operator and Triangle will have the remaining 20 per cent.

The JV will assess feasibility of the development of large-scale wind and solar projects centred around the Cliff Head Oil Field infrastructure, with Pilot carrying Triangle on the cost of the feasibility study.

Triangle Managing Director Rob Towner said the deal with Pilot created opportunities for Triangle to leverage its Perth Basin operations and infrastructure to unlock further value in the under-explored Perth Basin.

“Exploration and Development in the Offshore Perth Basin is now aligned, with Triangle operating Cliff Head and the adjacent prospective WA-481-P exploration acreage, with a supportive partner in Pilot Energy Limited,” said Mr Towner.

“Triangle has developed an excellent understanding of the WA-481-P exploration permit, having recently completed subsurface studies of the Offshore Perth Basin through its Cliff Head Renewal Project.

“We now have a significant offshore portfolio encompassing WA-31-L (Cliff Head Oil Field), TP-15 (Xanadu discovery) and WA-481-P, making us the dominant operator in the Offshore Perth Basin.”

For more information visit the Triangle Energy website.

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