Triangle Energy's successful capital raise and drilling plans

Triangle Energy (Global) Limited (ASX: $TEG) has successfully secured firm commitments to raise $5 million in a placement to institutional and sophisticated investors. In addition, the company plans to undertake an Entitlement Offer to raise a further $1.5 million, enabling eligible shareholders to participate in the equity raising on the same terms. The funds raised will be used to advance Triangle's onshore Perth Basin projects ahead of drilling forecast for the second quarter.

Triangle Energy's Managing Director, Mr Conrad Todd, on the capital raise and drilling prospects

The Perth Basin is one of the most exciting onshore oil and gas basins in the world with multiple significant gas discoveries since the Waitsia discovery in 2014. Triangle's exploration acreage in the Perth Basin has not been drilled for 30 years, during which time the introduction of 3D seismic data has played a pivotal role in some of the Basin's major discoveries. Recent 3D seismic surveys have revealed numerous high-quality oil and gas targets within Triangle's tenure, with drilling of the Booth and Becos targets planned for Q2-Q3 this year. Drilling costs will be substantially met by JV partners, with Triangle retaining a 50% project interest in both prospects, providing outstanding leverage to exploration success.

Triangle Energy's outlook and use of proceeds

Triangle Energy (ASX: $TEG) has successfully raised $6.5 million to advance its onshore Perth Basin projects and prepare for drilling in the second quarter. The company's Managing Director, Mr Conrad Todd, highlighted the significant potential of their projects and the exciting period ahead for Triangle shareholders. The funds raised, in addition to the company's existing cash and tradeable securities, will be used to advance exploration and drilling of Triangle's Perth Basin assets as well as for general working capital purposes. The drilling of the Booth and Becos targets, planned for Q2-Q3, is expected to be substantially met by JV partners, providing Triangle with a 50% project interest in both prospects. This capital raise ensures that Triangle is well funded for its share of drilling of its Perth Basin assets alongside JV Partners, Strike Energy Limited (ASX: $STX) and New Zealand Oil & Gas Limoted (ASX NZO). The company looks forward to a promising 2024 for both Triangle Energy and the Perth Basin.