Triangle Energy hits oil in Perth Basin


  • Business
  • Tuesday, 19 Sep 2017

PETALING JAYA: T7 Global Bhd has said that Triangle Energy (Global) Ltd, in which it has a 9.86% stake, has hit oil under its coastal drilling programme in the Perth Basin.

T7 Global had invested about US$500,000 (RM2.9mil) for the stake in Triangle Energy in July this year.

“Drilling operations have made excellent progress since the well was spudded on Sept 4,” the oil and gas company said in a statement yesterday.

“With total depth reached, it can be confirmed that Xanadu-1 has intersected hydrocarbon bearing reservoirs demonstrated by elevated gas readings, oil shows, fluorescence and cut-fluorescence whilst drilling reservoir sections,” it added.

T7 Global, which has a market capitalisation of RM146.9mil, revealed that the Xanadu-1 well was targeting the Xanadu prospect, with an unrisked recoverable resource of 160 million barrels of conventional oil – the largest untested oil prospect in the basin.

In addition, Triangle Energy on Sept 9 announced a deal to partake in the formation of a new Australian Securities Exchange-listed entity, State Gas, via an initial public offering (IPO) in which Triangle Energy would be contributing the Reids Dome asset in Queensland.

Based on the IPO price, Triangle Energy’s stake was valued at A$9.6mil (RM32.1mil).

According to Triangle Energy’s website, the Reids Dome gas field is located within Reids Dome Tenement and based on initial reservoir studies, a reserve of up to one billion cubic feet of gas is indicated for the three wells drilled on the gas field prior to November 1994.

Triangle Energy shares have closed eight Australian cents or 59.3% higher to A$0.22 since the announcement of Xanadu hitting oil was made.

Separately, T7 Global also announced that it had clinched two contracts worth RM7.2mil from Petroliam Nasional Bhd (Petronas) and MMC Gamuda KVMRT.

Its filings with the stock exchange revealed that its unit, Tanjung Offshore Services (TOS), had received a letter of award from PRPC Utilities and Facilities Sdn Bhd, a subsidiary of Petronas for the provision of manpower injection.

“TOS will be responsible for providing the local manpower that will be required to be deployed for the utilities, interconnecting, offsite facilities package 14 at the Pengerang, Johor site.

“The duration of the contract is from August 2017 to December 2018, with the option to extend for an additional one year,” T7 Global said in a statement.

TOS was also awarded a contract by MMC Gamuda KVMRT for the mass rapid transit (MRT) line 2.

The contract is for the execution of refurbishment to reuse the existing steel storage tanks and the supply, fabrication and installation of new steel storage tanks and its associated works at the Chan Sow Lin and Bandar Malaysia North MRT launching site.

“The contract is expected to be completed by the end of November 2017 and contribute positively towards the earnings and net asset per share of the group for the financial year ending Dec 31, 2017,” it said.

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Business , T7 Global Bhd , Petronas , MMC , Gamuda ,

   

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