Triangle Energy (Global) Ltd and joint venture partner Pilot Energy (ASX:PGY) Ltd have received $5.7 million for the second oil shipment from the Cliff Head Joint Venture (CHJV), delivered to a refinery in Thailand in December last year.
The JV partners will receive the following allocation:
- Triangle Energy: A$4.5 million
- Pilot Energy: A$1.2 million
Since the tanker, AB Paloma, has returned to Geraldton from Thailand it has completed two load-outs from the onshore tanks at the Arrowsmith Stabilisation Plant (ASP) facility, with a total of 51,100 barrels shipped.
The tanker will now sail to Thailand to offload the CHJV’s oil, via Singapore for fuel bunkering and the partners expect payment for this latest shipment in March.
Routine 'Truck to Tanker' operation
“This latest shipment continues the routine operation of the 'Truck to Tanker' export route, with our tanker departing to Asia to unload oil once again,” Triangle Energy managing director Conrad Todd said.
“Management of oil production from the Cliff Head Joint Venture will continue until such time that commercial oil production ceases and we are ready to convert the facilities to a carbon dioxide sequestration project.
"This export route is a tribute to the hard work undertaken by the Cliff Head operations team, our supportive trucking contractors and the Mid West Ports Authority at Geraldton.”
Cliff Head cooperation
TEG and PGY are working cooperatively to maximise production and income from the Cliff Head oil field whilst finalising working arrangements and JV alignment regarding the future development plans for Cliff Head.
The future plans are focusing on the development of a Carbon Capture and Storage (CCS) operation to provide carbon management services to third parties. This is expected to significantly extend the working life of the CHJV infrastructure and facilities.