T7 Global said in a stock market report that the Perth-based firm had operated assets in Australia and Indonesia. The purchase gives it access to upstream assets.
T7 Global acquired 16.48m shares in Triangle Energy from Tamarind Classic Resources.
“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.
Triangle Energy holds a 78.75% interest in the Cliff Head Field, which includes the onshore Arrowsmith stabilisation plant and pipeline.
The Cliff Head Field, located 10 km off the coast of Western Australia, produces 1,300 barrels of oil per day which is processed at this plant.
The company also has a 60% interest as the operator of the Reids Dome conventional gas project in Queensland and several highly prospective exploration programmes.
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