Triangle eyes Indonesian offshore oil and gas play with new study

Triangle Energy has taken a fresh swing at Southeast Asia’s hydrocarbon potential, signing a joint study agreement (JSA) that could put the ASX-listed junior in the box seat for a future production sharing contract (PSC).

The deal will see Triangle undertake a technical study alongside an Indonesian institution, with the work carried out under the oversight of the nation’s Directorate General of Oil and Gas (MIGAS). 

Joint study frameworks allow the Indonesian government to get its hands on a detailed technical assessment of specific offshore acreage, whilst the group doing the heavy lifting is rewarded with priority rights to negotiate a PSC when the study wraps up.

Triangle says the study will run for six to eight months and cost US$300,000 (A$421,000), which appears to be a relatively lean entry ticket for a potential step-up into a larger offshore exploration position.

The company is keeping the project’s location and technical details under wraps for now due to the commercial confidentiality involved and because any eventual PSC would still be subject to a competitive process. 

Triangle has flagged the area as unexplored and highly prospective for both natural gas and oil, pointing to Indonesia’s long-standing production history as a clear sign the country remains a serious hunting ground for new discoveries.

Triangle Energy managing director Conrad Todd said: “Triangle is pleased to announce the commencement of this joint study agreement in Indonesia over an attractive unexplored exploration area, which contains significant prospectivity for gas and oil. On completion of this study, Triangle will gain preferential rights for a Production Sharing Contract ”.

The move also fits neatly with Triangle’s broader strategy of building an international portfolio. The company is Perth-based and holds interests in the Perth Basin, while having a 50 per cent interest in two licences in the UK.

Triangle’s UK portfolio includes the Cragganmore gas discovery in the West Shetland Basin, which remains in the appraisal stage as the joint venture with operator Athena Exploration conducts studies and acquires 3D seismic to assess its commercial potential. The company also holds a stake in an Outer Moray Firth exploration licence targeting shallow gas prospects, currently in a technical study phase alongside partner Orcadian Energy.

Triangle Energy also holds a "gas trifecta" in the Philippines, consisting of three key petroleum exploration contracts awarded in October 2025. They comprise offshore service contracts in the Sulu Sea and onshore in the Cagayan Basin. 

The company is still progressing the divestment of its offshore Cliff Head oil field interest, 300km north of Perth and 12km offshore from Dongara.  Formerly an oil project, the licence area is now being repurposed by fellow ASX-listed Pilot Energy as a carbon capture and storage facility.

For punters, the key takeaway from this new opportunity appears to be that Triangle is not simply window-shopping. It has locked in a pathway that, if the study delivers, gives the company a preferential shot at negotiating a PSC over an offshore area it believes has genuine exploration upside.

It’s an early-stage play, sure - but for a modest spend, Triangle has opened the door to a potentially meaningful offshore position. For now, it’s all about letting the data do the talking.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au