Company
ASX:TEG
Triangle Energy (Global) Ltd is an experienced oil producer and explorer with operations located in the Perth Basin, approximately 270 kilometres north of Perth, Western Australia. The company is the registered operator and holds a substantial interest (78.75%) in the Cliff Head Oil Field (PL WA-31-L) encompassing the onshore Arrowsmith Stabilisation Plant and offshore Cliff Head Alpha Platform.
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The company's Cliff Head Oil Field joint venture crude sales revenue at the end of the June quarter stood at US$1.54 million at a realised oil price of US$59.75 per barrel (net).
The company is well-funded to advance its oil & gas properties after raising more than $10 million in a placement and subsequent entitlement offer.
Its Cliff Head Oil Field joint venture crude sales revenue stood at US$1.54 million at a realised oil price of US$59.75 per barrel (net).
The entitlement offer gave holders the chance to subscribe for options at $0.001 each and on the basis of one new quoted option for every two shares held on the record date.
The company has completed studies that indicate reconfiguration of the injection zone of CH-11WI can contribute to increased oil recovery and further enhance daily oil production.
On June 17, the company received commitments for $10 million in a placement to new and existing sophisticated, institutional and professional investors looking for exposure to the oil & gas sector.
The company has received strong support from a mix of new and existing shareholders, looking for exposure to the oil and gas sector.
The transaction creates alignment across the oil and gas exploration project (WA-481-P), the adjacent oil production project (Cliff Head Oil project) and the renewables joint venture.
The company has reached an agreement with the global energy giant to store crude oil from Cliff Head Oil Field in the Perth Basin at BP’s Kwinana facility.
The Perth Basin facilities remain in excellent condition after the passing of severe weather event Tropical Cyclone Seroja in the region.
The Cliff Head Oil Field will continue to produce and deliver its product to the BP refinery in Kwinana until the extended termination date for the agreement.
In the near-term, the company plans to explore the Cliff Head region, Mount Horner and newly acquired exploration permits.
The company is targeting drilling of the West High, Mentelle Updip and SE Nose wells at the Cliff Head oil field in Western Australia.
The company has been developing known near field prospects and leads within the Cliff Head Oil Field to enhance production.
The first two wells drilled at Wizard Lake, Rex-1 and Rex-2, have resulted in proven producing assets.
The well will undergo an extended flowback and testing program which will provide valuable information on the potential of the well.
The company recently collected $2 million cash from a WA oil asset sale.
The funds will be used to advance Whitebark’s exploration and strategic acquisition opportunities in Canada.
The conference continues today, with highlights including a presentation from Santos on how becoming the lowest cost operator delivered growth to the company.
Reservoir quality sand intervals were encountered throughout the section.
