Triangle Energy (Global) Ltd and partner Pilot Energy (ASX:PGY) have started a workover to restore production from Cliff Head 10 (CH-10) well within the Cliff Head Joint Venture (CHJV) in the Perth Basin offshore Western Australia.
This is expected to increase production at the CHJV by 130 barrels of oil per day.
The CH-10 well was shut in during September 2021 due to a downhole electrical fault. The well had produced reliably for nearly 12 years with the same Electrical Submersible Pump (ESP) and this performance significantly exceeds the field average of four years.
Restoring lost production
Triangle managing director Conrad Todd said “I am pleased to report to shareholders that The Cliff Head Joint Venture has commenced the CH-10 well workover.
"This will allow the CHJV to restore the production lost due to failure of the downhole pump and furthermore to increase production by shutting of water from a deeper reservoir.”
Phased campaign
Activities will begin this morning on the CH-10 Workover to replace the failed ESP and increase hydrocarbon production from this well.
In coming months, the CHJV will undertake a phased campaign to recover the failed ESP and replace it with a new ESP.
As well, a deeper water producing reservoir will be isolated, with the aim to increase oil production.
This phased approach to the workover optimises the utilisation of the Hydraulic Workover Unit and budget spend in alignment with long lead item delivery schedules.
The CHJV expects a successful workover will produce an additional circa 130 barrels of oil per day (bopd) from CH-10 and see field production return to above 800 bopd.
About Triangle Energy
Triangle Energy is an ASX-listed oil producer and explorer based in Perth, Western Australia. The company has a 78.75% interest in and is operator of the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant.
The company also has a 50% share of the Mt Horner L7 production licence, a 13% share in the EP 437 exploration permit, and a 60% share of the TP/15 permit, both in the Perth Basin.
Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has a 100% operating interest in the Reids Dome production licence (PL 231) in Queensland.
The company continues to assess acquisition prospects to expand its portfolio of assets.