Triangle Energy (Global) Limited ( (AU:TEG) ) has provided an announcement.
Triangle Energy (Global) Ltd announced that the Becos-1 well in the Perth Basin has been plugged and abandoned after failing to find hydrocarbons in economic quantities. Despite this setback, the company remains optimistic about the potential of its north Perth Basin permits and is financially positioned to continue exploration and new ventures, supported by a healthy cash balance and expected proceeds from asset sales.
More about Triangle Energy (Global) Limited
Triangle Energy (Global) Ltd is an ASX-listed oil producer and explorer based in Perth, Western Australia. The company holds a 78.75% interest in the Cliff Head Oil Field and operates the Arrowsmith Stabilisation Plant. It also has a 50% share in the Mt Horner L7 production licence and the adjacent EP 437 exploration licence in the Perth Basin. In the UK, Triangle holds a 50% interest in the P2628 and P2650 licences, which include the Cragganmore gas field and blocks in the Outer Moray Firth. Triangle Energy is actively assessing acquisition opportunities to expand its asset portfolio.
Technical Sentiment Signal: Buy
Current Market Cap: A$10.45M
For an in-depth examination of TEG stock, go to TipRanks’ Stock Analysis page.