The permit is situated 100 km west of the Moonie oil field, one of Queensland’s oldest and largest oil fields, while also being near the Alton and Fairymount fields, both of which have produced in excess of 1 MMbbl of oil. The principal targets for exploration following the farm-in will be the same formations as the oil accumulations discovered in these fields. Meanwhile, Triangle will acquire 75 per cent of the permit in two phases, with 50 per cent acquired in return for repayment of past costs of $A73,830 and the issue of 120 million Triangle shares to Goshawk. Triangle will then earn 25 per cent upon completion of the four-year work program.
Triangle Energy acquires Surat Basin asset
