By ALIFAH ZAINUDDIN

T7 Global Bhd’s Australian-listed investment, Triangle Energy (Global) Ltd, has hit oil in the coastal Xanadu-1 well located in the Perth Basin.

T7 Global, formerly Tanjung Offshore Bhd, told Bursa Malaysia yesterday that its Triangle Energy had confirmed the discovery of hydrocarbons at the Xanadu-1 well.

“We are very pleased that Triangle Energy has hit oil in the Xanadu well and that our investment in Triangle Energy is bearing fruits so quickly after the completion of our investment in July 2017.

“We will continue to work closely with the management to find new ways that T7 Global can support the growth of the business,” T7 Global chairman Datuk Seri Dr Nik Norzrul Thani Nik Hassan Thani said in a statement.

T7 Global invested US$500,000 (RM2.09 million) in July 2017 to acquire 9.86% of Triangle Energy, which has assets in Australia and Indonesia. In the Perth Basin, Triangle Energy has a substantial interest in the Cliff Head Oil Field, which produces 1,300 barrels of oil per day.

The investment in Triangle Energy would allow T7 Global to tap into opportunities in the Perth Basin oil and gas area, situated in Western Australia.

Drilling on Xanadu-1 began on Sept 4 as part of a conventional oil exploration to test for hydrocarbons.

The Xanadu prospect is estimated to have an unrisked recoverable resource of 160 million barrels of oil — the largest untested oil prospect in the Basin.

Triangle Energy shares surged nearly 60% to US$0.22 since the announcement was made.

In a separate filing, T7 Global said its wholly owned subsidiary, Tanjung Off- shore Services Sdn Bhd, has secured two separate contracts worth a total of RM7.2 million from Petroliam Nasional Bhd’s unit, PRPC Utilities and Facilities Sdn Bhd, and joint venture MMC-Gamuda KVMRT (T) Sdn Bhd.

The deal with PRPC is an umbrella contract worth RM5 million for the provision of manpower services for a period until December 2018, with an additional one-year extension option. The contract with MMC-Gamuda KVMRT is for refurbishment works related to its first contract for mass rapid transit Line 2, valued at RM2.2 million.

Both contracts will have no effect on the issued share capital of the company and is expected to contribute positively towards the earnings and net assets per share of T7 Global for the financial year ending Dec 31, 2017.

T7 Global shares ended 1.3% lower yesterday at 39 sen, with 108,500 shares changing hands. It has a mar- ket capitalisation of RM146.9 million.