Triangle Energy Boosts UK Gas Resources to 3 Trillion Cubic Feet

Significant Resource Upgrade

Triangle Energy (Global) Limited, in partnership with Athena Exploration Limited, has announced a substantial upgrade to the gas resources within their UK permit P2628, located in the West of Shetland basin. The joint venture operator Athena completed a detailed geotechnical and resource study, leveraging advanced seismic AVO (Amplitude Versus Offset) modelling techniques to reinterpret existing seismic and well data. This work has led to a marked increase in both contingent and prospective gas resources.

The Cragganmore gas field, a key asset within the permit, now boasts contingent resources estimated between 499 billion cubic feet (Bcf) at the low end and 929 Bcf at the high end, with a mid-case of 683 Bcf recoverable gas. Beyond Cragganmore, seven additional prospects have been identified, collectively holding prospective resources ranging from 1,058 Bcf to 2,098 Bcf, with a mid-case estimate of 1,490 Bcf.

Strategic Position in UK Gas Exploration

This resource upgrade elevates Triangle and Athena into the top three companies holding net undeveloped gas resources in the Southern North Sea and West of Shetlands region, according to data from Welligence Analytics. Such a ranking underscores the strategic importance of the P2628 permit within the UK’s offshore gas landscape, especially as energy markets continue to focus on secure and diversified gas supplies.

Triangle Energy’s Managing Director, Conrad Todd, highlighted the significance of the findings, noting that the reinterpretation of seismic data has enhanced the understanding of reservoir structures and stratigraphy, thereby increasing the estimated recoverable volumes. This improved resource base not only adds intrinsic value to the permit but also strengthens the company’s portfolio in a competitive sector.

Looking Ahead, Exploration and Development Potential

While the resource estimates are currently unrisked and probabilistic, the geological chance of success for the prospective resources is considered moderate to high. The joint venture plans to continue with further appraisal and evaluation activities as part of the firm work program, aiming to refine reservoir quality assessments and deliverability forecasts. These steps will be critical in advancing the prospects toward potential development.

Triangle Energy’s UK operations, including its 50% interest in P2628 and adjacent permits, complement its Australian assets such as the Cliff Head Oil Field and Perth Basin licenses. The UK gas resource upgrade thus represents a pivotal development in the company’s international growth strategy.

Investors and industry watchers will be keen to monitor upcoming updates from the joint venture, particularly any moves toward commercialisation or production decisions that could unlock value from these substantial gas resources.