SYDNEY, AUSTRALIA: Triangle Energy (Global) Limited (ASX:TEG) and its joint venture partner Athena Exploration Limited have secured five blocks in the West of Shetlands gas province in the 33rd UK Licensing Round.
The blocks contain the Cragganmore gas field, which has a best estimate of 527 billion cubic feet (Bcf) of recoverable gas.
The joint venture plans to acquire 3D seismic and conduct reservoir studies to evaluate the field’s potential.
The blocks are adjacent to Shell’s Tobermory and Bunnehaven gas fields, which could form an economic cluster with Cragganmore. The area is also close to the recently approved Rosebank oil field, operated by Equinor and Ithaca.
Triangle’s Managing Director, Mr. Conrad Todd, said that the company was very pleased with the offer and that it now had a diversified asset base in tier-one locations.
He also said that the company expected further announcements from the NSTA regarding other license areas it had bid for in the same round.