Triangle Energy and JV partner Athena win permit to develop Cragganmore gas field in the UK By Proactive Investors

Triangle Energy (Global) Ltd and its 50-50 joint venture partner Athena Exploration Ltd have been offered five blocks in the West of Shetlands gas province which contains the Cragganmore gas field.

The acreage is part of the first tranche of awards by the North Sea Transition Authority (NSTA) in the 33rd UK Licensing Round and is adjacent to the Tobermory and Bunnehaven gas fields offered to British energy giant Shell (LON:RDSa).

Athena, the operator of gas field, has estimated a best case resource of 527 billion cubic feet (Bcf) of recoverable gas for Cragganmore, being from a low estimate of 273 Bcf to a high estimate of 1,022 Bcf.

Map showing the offered blocks.

Diversifying asset base

“We are very pleased to be offered these blocks, which give us a significant gas discovery with substantial exploration upside,” Triangle managing director Conrad Todd said.

“We now have a diversified asset base, all in tier-one locations.

“We look forward to advancing the Cragganmore discovery while preparing to drill our exciting prospects in the Perth Basin next year.

“We also expect further announcements from the NSTA towards the end of this year and into Q1 2024 regarding the other licence areas we have also bid for in the 33rd round.”

Area seeing renewed activity

The Cragganmore gas field is defined by three wells, two of which discovered gas and one, which is outside the area of high amplitudes, encountering water in 2012.

The joint venture partners believe there is significant exploration potential at other prospects already identified within the awarded blocks.

Further discussions will be held with the NSTA on a work program comprising 3D seismic and other studies for the first stage of the licence.

In September, Norwegian oil and gas company Equinor and its UK-based partner Ithaca Energy (LON:ITH) announced they would invest US$3.8 billion to develop the first phase of the nearby 300-million-barrel Rosebank oil field, an indication that the area is seeing renewed activity.

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