Triangle Energy Seeks New Partners After Joint Venture Withdrawal

Strike Energy Limited ( (AU:STX) ) has provided an update.

Triangle Energy (Global) Ltd announced that Echelon Resources and Strike Energy are withdrawing from the L7 and EP 437 permits in the Perth Basin, affecting the planned drilling of a third well. Despite this setback, Triangle remains optimistic about the exploration prospects and is actively seeking new joint venture partners to continue the project. The company’s managing director expressed disappointment but reaffirmed the commitment to pursuing the exploration program with alternative partners.

The most recent analyst rating on (AU:STX) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Strike Energy Limited stock, see the AU:STX Stock Forecast page.

More about Strike Energy Limited

Triangle Energy (Global) Ltd is an ASX-listed oil and gas explorer based in Perth, Western Australia. The company holds a 78.75% interest in the Cliff Head Oil Field and a 50% share of both the L7 production licence and the EP 437 exploration licence in the Perth Basin. Additionally, Triangle has interests in the UK, including a 50% stake in the P2628 licence and a 50% interest in licence P2650 in the Outer Moray Firth.

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Technical Sentiment Signal: Sell

Current Market Cap: A$458.7M

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