Triangle Energy (Global) Ltd., Perth, has closed a deal to acquire Key Petroleum Ltd.’s interests in onshore North Perth basin permits L7 and EP 437.
Triangle previously held 50% interest in the areas and now moves to full control with the payment of $100,000 (Aus.) plus $500,000 (Aus.) cash on completion. Triangle also will issue $500,000 (Aus.) worth of shares to Key Petroleum on or before June 30, 2023.
In addition to the permit interests, Triangle also has purchased the 5% production royalty from Key which increases the value of the permits to both Triangle and potential future partners, the company said.
The two permits are contiguous and lie immediately north of Dongara and Waitsia oil and gas fields. Permit L7 contains known hydrocarbons in Mount Horner oil field.
Triangle acquired the Bookara 3D seismic survey across both permits in May. Processed data is scheduled for delivery in fourth-quarter 2022.
The survey is expected to confirm the region’s potential, where a number of leads—including the Becos structure that straddles both permits—have been identified, Triangle said.
Interpretation of the data will be followed by detailed mapping to pinpoint individual targets leading to a drilling program in early 2024, Triangle said.
In the North Perth basin, Triangle is operator of the offshore Cliff Head oil field with 78.75% interest and holds 45% interest in the Xanadu-1 oil discovery about 14 km to the south in onshore permit TP/15.