Highlights
• Athena, the Joint Venture operator of the West of Shetland permit P2628, has completed
a geotechnical and resource study resulting in a material increase in the Contingent and
Prospective Resources (Athena 50% and operator; Triangle 50%)
• The acreage hosts the Cragganmore gas discovery for which Athena has determined a
range in Contingent Resources from 499 Bcf (billion cubic ft, low case or 1C) to 929 Bcf
(high case or 3C) with a 2C mid case of 683 Bcf gas recoverable (gross 100% interest).
• The operator has identified significant additional exploration potential in seven further
prospects with a range in combined Prospective Resources from 1058 Bcf (1U) to 2098
BCF (3U) with a Mid Case (2U) of 1490 Bcf.
• Triangle and Athena are now ranked in the top three for net undeveloped gas resources
by company in the Southern North Sea and West of Shetlands (Source: Welligence
Analytics)
Triangle Energy (UK) Limited (a subsidiary of Triangle Energy (Global) Ltd – (Triangle Energy / the
Company) is pleased to advise that the operator of permit P2628, Athena Exploration Limited,
has reinterpreted the seismic and well data to significantly improve the understanding of the structure and
stratigraphy of the asset and has provided an update to the gas resource estimates, resulting in a
significant increase in both Contingent and Prospective gas Resources – see Tables 1 and 2 below (also
refer ASX announcement 3 November 2023). The Geological Chance of Success (gCOS) is also reported
for the Prospective Resources in Table 2
The P2628 permit contains the Cragganmore gas field (see Figure 1 for location). This is defined by three
wells, two of which discovered gas within an area of high amplitudes (see Figure 2). The existing seismic
section (Figure 3) shows the top reservoir to have a distinct seismic response which, when reprocessed
and inverted, should allow accurate mapping of the gas bearing reservoir. In addition, a further seven
prospects are identified in the permit (Figure 4). Further studies as part of the ongoing firm Work
Programme will assess reservoir quality and deliverability.
Recent data on the status of undeveloped gas resources in the UK West of Shetlands and Southern North
Sea by Welligence Analytics reveals that Triangle and Athena are now in the top three holders of net
undeveloped gas resource by company (Figure 5).
The estimated quantities of petroleum that may potentially be recovered by the application of a future
development project relates to undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk to development. Further exploration appraisal and evaluation is required to
determine the existence of a significant quantity of potentially moveable hydrocarbons
Triangle’s Managing Director, Mr. Conrad Todd said “We are pleased to report that the Joint
Venture with Athena has completed the first part of the work program by undertaking a
geotechnical and resource review, using seismic AVO modelling to determine the presence and
extent of gas sand reservoirs within the permit.
This has resulted in a significant increase in resources attributable to these permits which will add
to their value.”