T7 Global buys 9.8% stake in Australian oil and gas producer

Tanjung Offshore Bhd latest vessel, Tanjung Puteri 2

KUALA LUMPUR: T7 Global Bhd has bought 9.8% equity interest in Australia-listed oil and gas exploration and production firm Triangle Energy (Global) Ltd (TEGL) for US$500,000 (RM2.14mil) cash.

In a filing with Bursa Malaysia, the offshore oilfield service provider known formerly as Tanjung Offshore Bhd said Perth-based TEGL had operated assets in Australia and Indonesia. 

T7 Global acquired the 16.48 million shares in TEGL on Tuesday from Tamarind Classic Resources Pte Ltd.

“The investment enables the company to explore opportunities in the emerging Perth Basin oil and gas area located at the north of Perth, Western Australia,” it said.

TEGL holds a 78.75% interest in the Cliff Head Oil Field, which includes the onshore Arrowsmith stabilisation plant and pipeline. This oil field, located 10km off the coast of Western Australia, produces 1,300 barrels of oil per day which is processed at this plant. 

TEGL also has a 60% interest (operator) in the Reids Dome conventional gas project in Queensland and several highly prospective exploration programmes.
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