Triangle Energy (Global) Ltd has refocused on lifting oil output and securing alternative export routes in preparation for the Kwinana export route to close following a strategic review of the company’s assets after a change in board and management.
Additionally, the company is working to create new resource streams from developing the 50%-owned L7(R1) permit and acquiring an additional 15% interest in the TP 15 permit, increasing its interest to 60%.
Triangle has advised its shareholders that it is actively seeking further assets to broaden its portfolio and stepping up new ventures evaluations.
“Maximising production is a clear focus”
“I am pleased to report to shareholders that since stepping into the role the management team has re-evaluated the projects and significant opportunities the company has,” managing director Conrad Todd said.
“The first priority has been to cement the cashflow from the next oil lift and determine which plans will be best for future deliveries.
“Given the positive oil price environment, maximising production is a clear focus, along with generating further value in the company’s assets in the medium term.”
Triangle’s Cliff Head Joint Venture (CHJV) with Pilot Energy (ASX:PGY) (78.75% : 21.25%) is currently producing 535 barrels of oil per day (bopd) from the Cliff Head Field.
TEG intends to increase production from Cliff Head to 690 bopd following the recent completion of generator repairs, which will be delivered to Kwinana in Western Australia as part of the next oil lift.
The CHJV has stored 105,000 barrels of oil to date at the BP export facility at Kwinana and expects to have approximately 139,000 barrels of oil there by the time the final load leaves from the Arrowsmith facilities to Kwinana in late April 2022.
About Triangle Energy
Triangle Energy (Global) is an oil producer and explorer that has a majority interest in and is the operator of the producing Cliff Head Oil Field offshore Perth Basin, which includes the Arrowsmith Stabilisation Plant.
The company also has a 50% share of the Mt Horner L7 production licence and a 45% equity interest in the Xanadu-1 joint venture, both in the Perth Basin.
Additionally, Triangle has a substantial equity interest in State Gas, which has a 100% operating interest in the Reids Dome production licence (PL 231) in Queensland.