Triangle Energy (Global) Ltd welcomes news that its Cliff Head Joint Venture (CHJV) with Pilot Energy (ASX:PGY) Ltd has established a new export route, successfully loading 24,500 barrels of oil into a chartered tanker, the AB Paloma, bound for Singapore.
Triangle Energy managing director Conrad Todd said: “This is an exciting time and a major turning point for the CHJV.
“The completion of the first export run for Cliff Head oil through the Port of Geraldton ensures that we will continue exporting and selling the oil produced from the Cliff Head Oil Field for the foreseeable future as we progress plans on the future utilisation of the Cliff Head facilities.”
The first consignment of oil from the recently refurbished Arrowsmith Stabilisation Plant was loaded onto the AB Paloma, at the Port of Geraldton, having been trucked from the plant between July 8 to 11.
Trucks queuing to load at the Arrowsmith Stabilisation Plant.
More barrels to come
The tanker will remain on standby while the CHJV produces and stores a further 25,000 to 30,000 barrels, which will then be loaded onto the tanker, in roughly six weeks.
The AB Paloma will then set sail for Singapore laden with its cargo of oil.
This new export route will enable the continuation of oil production in the Perth Basin for both the Cliff Head Oil Field and other Perth Basin producers, allowing the CHJV to continue to progress plans for alignment on the future use of the Cliff Head Facilities.
Triangle acknowledged that the Port of Geraldton was of great assistance to the joint venture partners in the planning and execution of this new oil export route.
New route through Port of Geraldton
Mid-West Port Authority (MWPA) CEO Damian Tully said: “We are excited to facilitate a new tanker export route through Geraldton, enabling the supply chain and demonstrating that MWPA continues to provide a viable trade opportunity.
“I congratulate the CHJV on this significant milestone and we look forward to continuing our work with them.”
The Cliff Head Field is expected to increase production in late August when the CH10 well workover is completed. This workover will resume in late July when the long lead items, including an electric submersible pump, arrive in Australia.
These long-lead items were purchased using funds from the capital raise undertaken in May this year.