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The latest announcement is out from Triangle Energy (Global) Limited ( (AU:TEG) ).
Triangle Energy announced that Echelon Resources and Strike Energy have withdrawn from the L7 and EP 437 permits in the Perth Basin, opting not to participate in the drilling of a third well. Despite this setback, Triangle Energy remains optimistic about the exploration potential of these permits and is actively seeking new joint venture partners to proceed with the drilling. The company is evaluating its position under existing agreements and continues to engage with the departing partners regarding remaining costs. This development could impact Triangle’s operations and industry positioning, as securing new partners is crucial for advancing their exploration program.
More about Triangle Energy (Global) Limited
Triangle Energy (Global) Ltd is an ASX-listed oil and gas explorer based in Perth, Western Australia. The company holds a significant interest in the Cliff Head Oil Field and operates the Arrowsmith Stabilisation Plant. It also has a 50% share in the L7 production licence and EP 437 exploration licence in the Perth Basin, as well as interests in the UK, including the Cragganmore gas field and blocks in the Outer Moray Firth. Triangle Energy is focused on expanding its portfolio through acquisitions.
Technical Sentiment Signal: Sell
Current Market Cap: A$4.18M
For an in-depth examination of TEG stock, go to TipRanks’ Overview page.