Business

T7 Global’s investee firm Triangle Energy hits oil

KUALA LUMPUR: Triangle Energy (Global) Ltd, in which T7 Global Bhd owns a 9.86% stake, has struck oil in the coastal Xanadu-1 well in the Perth Basin.

In a press statement, the offshore oilfield service provider (formerly Tanjung Offshore Bhd) said the Australia-based oil and gas production and exploration company, in which it invested US$500,000 in July, had confirmed the existence of hydrocarbon reservoirs at the Xanadu-1 well.

“The Xanadu-1 well is targeting the Xanadu prospect, with an unrisked recoverable resource of 160 million barrels of conventional oil, the largest untested oil prospect in the basin,” it said.

Triangle Energy shares closed 8 Australian cents higher at 21.5 cents on Monday.

T7 Global chairman Datuk Seri Nik Norzrul Thani N. Hassan said: “We are very pleased that Triangle Energy has hit oil in the Xanadu well and that our investment in Triangle Energy is bearing fruits so quickly after the completion of our investment in July 2017.”

T7 Global also announced on Monday that its wholly owned subsidiary Tanjung Offshore Services Sdn Bhd (TOS) had bagged two contracts totalling RM7.2mil.

One contract, valued at RM5mil, was from Petroliam Nasional Bhd’s subsidiary PRPC Utilities and Facilities Sdn Bhd to prtovide manpower for utilities, interconnecting, offsite (UIO) facilities package 14 in Pengerang, Johor.

The umbrella contract spans until December 2018, with the option to extend for an additional year.

TOS also clinched a RM2.2mil contract from MMC Gamuda KVMRT to refurbish for reuse the existing steel storage tanks as well as to fabricate and install new steel storage tanks at the Chan Sow Lin and Bandar Malaysia North mass rapid transit launching site.

The job was expected to be completed by the end of November,  T7 Global noted.