T7 acquires stake in Australian oil & gas producer explorer Triangle Energy

PETALING JAYA: T7 Global Bhd, which returned to the black in the first quarter of the financial year ending Dec 31, 2017, has acquired a substantial 9.8% equity interest in Australian oil and gas producer and explorer, Triangle Energy Global Ltd, for US$500,000 (equivalent to RM2.15 million).

In a filing with Bursa Malaysia, T7's board announced that it had on July 25 acquired the stake representing 16.47 million shares, from Tamarind Classic Resources Pvt Ltd.
The group which is predominantly involved in the provision of services to the oil and gas sector, will fund the acquisition with internally generated funds.
The investment in Triangle Energy, which has operated assets in Australia and Indonesia, will allow T7 to explore opportunities in the emerging Perth Basin Oil and Gas area located north of Perth, in Western Australia.
Triangle currently has 78.75% interest in Cliff Head Oil Field, which produces 1,300 barrels of oil per day. The oil field includes the Arrowsmith Stabilisation Plant and pipeline
T7's shares rose 5.26% to 40 sen with some 2.19 million shares changing hands. T7's market capitalisation stood at RM152.61million.