Triangle Energy (Global) Limited (Triangle / the Company) (ASX: TEG) is pleased to provide the annual update of its Cliff Head Reserves and Contingent Resources at 30 June 2021

Reserves

Triangle's net 78.75% share of 2P Reserves are assessed to be 0.81 MMstb of oil and are attributable to Cliff Head Oil Field in the Production Licence WA-31-L where Triangle is Operator and holds 78.75% equity. On 3 November 2020, Triangle announced that in light of BP's intention to cease fuel production at its Kwinana Refinery, the Company withdrew its Resources and Reserves estimates on the basis that the economic parameters underpinning these were unknown.

As Triangle's Prospective and Contingent Resources for the Cliff Head asset are not reliant on these economic parameters, these were restated by the Company on 15 March 2021. On 14 October 2021, Triangle announced the execution of an Offtake Agreement with BP Singapore. Accordingly, Triangle now considers it has a sufficient reasonable basis to enable Reserves to be attributed to the Cliff Head Oil Field.

The changes to the Company's Reserves of 30 June 2020, previously reported on 29 October 2020, are due to: Production of 0.19 MMstb and Changes to the economic conditions arising from the closure of the BP Kwinana Refinery

Contingent Resources

The Company's 2C Contingent Resources at 30 June 2021 are assessed to be 3.47 MMstb. This is a slight increase to the Company's 2C Contingent Resources of 30 June 2020 due to its assessment of the West Development opportunity and its impact on field life extension, and the inclusion of the CH10 HCA and CH11 Updip opportunities. The Contingent Resources for SE Nose and Far North were previously reported on 15 March 2021 and are unchanged. The Company's Contingent Resources all lie within the Cliff Head production licence WA-31-L, which is held at 78.75% equity

Western Development

The Western Development addresses the West High appraisal/development opportunity, a probable extension of Cliff Head field to a western culmination, and a bypassed oil opportunity on West Flank. A West High well path could also intersect a bypassed oil interpreted on West Flank for low additional cost, enhancing the recovery and economics of a West High well. It could be drilled as a horizontal appraisal/development well from Cliff Head Alpha platform and then completed for production with success. The detailed design of the Western Development well has commenced.

Cliff Head Field Life Extension

The Cliff Head Field Life Extension Contingent Resources refers to the additional recovery from the existing Cliff Head development that occurs with field life extension arising from the successful implementation of a Western Development and/or SE Nose appraisal/development wells and is contingent on the successful implementation of either of these wells. These Contingent Resources will convert to Reserves with successful Western Development or SE Nose production. The Cliff Head Field Life Extension Contingent Resources are updated from previously reported estimates following re-evaluation of the field for the modelling of the Western Development opportunity

Contact:

Mr. Robert Towner

Tel: +61 8 9219 7111

Email: rtowner@triangleenergy.com.au

About Triangle Energy (Global) Ltd

Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and a 45% share of the Xanadu-1 Joint Venture, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

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