Wildcatter Podcast: How Triangle nailed the counter-cyclical play and what’s next for the Perth Basin specialists
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Stock analysis veteran and lover of the oil and gas game, Peter Strachan, is putting aside the Bloomberg terminal and picking up the microphone for another instalment of The Wildcatter Podcast.
In this latest episode, Peter talks with Rob Towner, managing director and CEO of Triangle Energy (ASX:TEG).
Triangle is a Perth Basin oil and gas specialist with a market capitalisation of close to $20m.
The company owns a sizable 35.5 per cent in State Gas (ASX:GAS) which is worth $38.8m to Triangle or about 10.8c per Triangle share.
The company also has a 78.75 per cent interest in the Cliff Head oilfield, offshore Western Australia, where recent work-over activity aims to lift oil production to around 1,000 barrels per day.
Triangle has recently identified several bypassed oil pool development opportunities as well as near-field exploration prospects around Cliff Head for which it will seek funding.
Evaluation of recent 3D seismic data over its 30 per cent-held Xanadu oil discovery downgraded prospective resources, but the company’s ownership of oil processing facilities in the basin renders even small oil pools profitable, so further study is warranted.
Triangle’s State Gas associate has recently evaluated conventional gas and coal seam gas prospects at its PL-231 permit in central Queensland, finding thick gassy coals and potentially commercial shallow conventional gas that could be rapidly developed for the high value East Coast gas market.
So tune in to hear Peter and Rob discuss the company’s history and work in the Perth Basin.
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