- Triangle Energy is looking to raise $3.6 million from shareholders to fund project growth at the Perth Basin
- The company said it is preparing the Cliff Head Renewal Project for a final investment decision
- Triangle’s share price is down 6.59 per cent today, currently sitting at $0.085 apiece
Triangle Energy is looking to raise over $3 million from shareholders to help fund project growth in the Perth Basin.
The $3.6 million investment will be used to replace one of the electrical submersible pumps at the Cliff Head project, off the coast of WA.
Funding will also be used to provide working capital at Cliff Head, ensuring the renewal project is ready for a final investment decision.
“Triangle continues to progress its Cliff Head Renewal Project and its wider Perth Basin oil strategy and to investigate attractive additional development projects,” Managing Director of Triangle Rob Towner said.
At Cliff Head, an average of 1000 barrels of oil are produced each day.
A total of 48 million new shares will be issued during the capital raising, at $0.075 each.
Triangle’s share price is down 6.59 per cent today, currently sitting at $0.085 apiece, as of AEST 3:12 pm.