Friday 29 Mar 2024
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KUALA LUMPUR (Sept 19): T7 Global Bhd, formerly Tanjung Offshore Bhd, jumped 7.79% in active trade early today after teh company said its investment in Triangle Energy Global Ltd has paid off after it hit oil in the coastal Xanadu-1 well in the Perth Basin.

At 9.11am, T7 Global rose 3 sen to 41.5 sen with 3.54 million shares done.

T7 Global had in June announced its acquisition of a 9.8% stake in the Australian-listed oil and gas exploration and production firm, Triangle Energy, for US$500,000 or RM2.14 million.

Separately, T7 Global said its wholly-owned unit Tanjung Offshore Services Sdn Bhd has bagged two contracts worth RM7.2 million from Petroliam Nasional Bhd (Petronas) and the MMC-Gamuda KVMRT (UGW) joint-venture.

The first contract was awarded by Petronas' unit PRPC Utilities and Facilities Sdn Bhd for RM5 million, which is valid from August 2017 to December 2018, with a one-year option.

The second contract, worth RM2.2 million, is related to the MRT Line 2. It entails the refurbishment to reuse the existing steel storage tanks and the supply of new steel storage tanks and its associated works at the Chan Sow Lin and Bandar Malaysia North MRT launching site.

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