Tamarind has a strategic partnership with Triangle Energy (Global) Limited (ASX:TEG). Tamarind provides a wide array of technical, commercial and financial support to Triangle in their quest to become the leading Perth Basin focused E&P company. Triangle’s primary asset, Cliff Head, is analogous to Tui, and we extend our operating experience in New Zealand to ensure safe operations and performance excellence at Cliff Head. Tamarind supported the acquisition of the remainder of the Cliff Head field by Triangle and its partner, Royal Energy, via the provision of a short term note and the exercise of various outstanding options providing US$1.2 million to Triangle.
In addition to Cliff Head, Triangle owns a 45% stake in Xanadu operations, a confirmed oil discovery that is being developed, and a 35.47% stake in State Gas Limited (ASX:GAS), which wholly owns PL 231 in central Queensland, producing gas at Reids Dome.