Triangle Energy (Global) Limited announced the completion of its purchase of the Key Petroleum Limited (Key Petroleum) interests in the highly prospective L7 and EP 437 Permits. This purchase, in addition to the previously announced acquisition of a 13.058% from Pilot Energy in EP 437 will result in Triangle owning a 100% interest in both Permits. This is a strategic step forward which enhances the value of these blocks to Triangle.

The timing coincides with the upcoming interpretation of the Bookara 3D seismic survey shot earlier in 2022 and completes an agreement which was originally signed in 2021. Triangle has purchased the Key Petroleum subsidiaries which hold interests in the L7 and EP437 permits: Key Petroleum (Australia) Pty Ltd. holds a 50% interest in the L7 permit and a 43.471% interest in Permit EP 437, and Key Midwest Pty Ltd. holds a 43.471% interest in Permit EP 437. Further to the acquisition of the subsidiary companies, Triangle Energy has purchased the 5% Petroleum Production Royalty from Key, which increases the value of the permits to both Triangle and potential future partners.

The transaction costs for both purchases include the final A$100,000 due on the purchase of the interests and AUD 500,000 cash on completion plus AUD 500,000 of Triangle Energy shares to be issued on or before June 30, 2023. Triangle Energy has already acquired the Bookara 3D seismic data across both Permits. This is presently being processed and is due to be delivered Fourth Quarter 2022.

This data is expected to result in a confirmation of the potential of the permits and should see a reduction in risk of the very attractive portfolio of prospects and leads previously mapped within the permits. This will then be followed by the identification of well targets leading to drilling expected early 2024.