Triangle Energy Regains 100% Interest in L7 and EP 437 Permits

Triangle Regains Full Control of Perth Basin Permits

Triangle Energy (ASX:TEG) has taken back full ownership of two key permits in the Perth Basin, the L7 Production Licence (Mount Horner) and the adjacent EP 437 Exploration Permit. This follows the voluntary withdrawal and transfer of interests by joint venture partners Echelon Resources (ASX:ECH) and Strike Energy (ASX:STX), who had earlier attempted to exit the joint venture in June 2025.

The Western Australian Department of Mines, Petroleum and Exploration has approved the transfer, consolidating Triangle’s stake to 100% in both permits. While this simplifies the ownership structure, the legal battle over non-performance of farm-in obligations by Echelon and Strike remains unresolved, with Triangle pursuing damages in the Supreme Court of Western Australia.

Legal Dispute Persists Despite Ownership Shift

The litigation stems from Echelon and Strike’s purported withdrawal from the joint venture, which Triangle alleges breached binding farm-in commitments. The company’s claims against both parties continue independently of the recent asset transfers, underscoring ongoing tensions within the partnership. This legal uncertainty adds a layer of risk to the permits’ near-term development prospects.

Triangle CEO Rory McGoldrick emphasised the company’s dual approach: “While we pursue our claims against Strike and Echelon, we are pleased Triangle is now the 100% titleholder of these permits. We will now progress discussions with new potential partners to continue our exploration efforts within this highly prospective Perth Basin acreage.”

Exploration Potential and Strategic Positioning

Triangle views the L7 and EP 437 permits as containing attractive exploration targets, signalling intent to actively review and possibly advance exploration activities. The Perth Basin remains a focal point for the company’s Australian portfolio, which also includes a 78.75% interest in the suspended Cliff Head Oil Field, currently transitioning towards a carbon capture and storage project with Pilot Energy.

This consolidation of ownership could enhance Triangle’s flexibility in negotiating with new partners or investors, potentially accelerating exploration programs once legal matters are settled. However, the timing and outcome of these efforts remain uncertain given the ongoing court proceedings.

Broader Asset Portfolio and Growth Ambitions

Beyond Australia, Triangle holds a 50% interest in UK licenses P2628 and P2650, which include the Cragganmore gas field and blocks in the Outer Moray Firth. The company continues to evaluate acquisition opportunities to expand its portfolio, reflecting a strategy of geographic diversification amid operational challenges in Western Australia.

Triangle’s recent moves, including the spin-out of its Philippines assets and joint exploration studies in Indonesia, indicate a broader effort to balance its asset base and pursue growth avenues in underexplored regions.