Triangle Energy (Global) Ltd (ASX:TEG) has received a further notice of variation of the termination date from BP under the Crude Oil Supply Agreement, with the termination effective date extended by one month until April 22, 2021.
Last year the company was notified that the agreement would be terminated as the Kwinana refinery is expected to be converted into a fuel import terminal and this was expected to take place on March 22, 2021.
The Cliff Head Oil Field will continue to produce and deliver its product to the BP refinery in Kwinana until April 22.
Offtake negotiations continue
The company is continuing to consider other oil marketing opportunities available for Cliff Head Oil Field, which last quarter produced and sold 58,148 barrels (an average of 632 barrels of oil per day).
Triangle is now looking to negotiate offtake alternatives for Cliff Head production.