Triangle Energy (Global) Ltd (ASX:TEG) has strengthened its position in the offshore Perth Basin over the last twelve months highlighted by positive cashflow from the Cliff Head Oil Field.
The company has enjoyed stable production from the Cliff Head Oil Field at 690 barrels of oil per day (BOPD) from four producing wells with a facility uptime in excess of 98%.
Cliff Head area structure map
The fields fifth production well, CH13, will be producing in November 2019 with the completion of a workover and replacement pump installation returning production to about 1,000 BOPD.
Triangle’s interest in Cliff Head is 78.75%.
Triangle non-executive chairman Tim Monckton described the past year as a period growth and strengthened position in the Perth Basin, including taking over the operatorship of Cliff Head and increasing its shareholding in the exciting, undeveloped Xanadu oil discovery.
The company has been developing known near field prospects and leads within the Cliff Head Oil Field to enhance production, thereby extending the economic life of the offshore Cliff Head Alpha platform, and onshore Arrowsmith Stabilisation Plant.