Triangle Energy provides Cliff Head contingent resource update
Triangle Energy (Global) (ASX: TEG) has provided an update on its Cliff Head Oil Field operations, located in the Perth Basin approximately 270 kilometres north of Perth in Western Australia.
· Cliff Head Renewal Project has defined multiple opportunities that are progressing to December 2019 investment decisions
· Potential change in production and asset life economic extension to past 2030
· Driving toward significant production uplift and revenue
Throughout 2019, work has been progressing to identify opportunities to transform production rates and economic life at Cliff Head (Cliff Head Renewal Project).
The Company has enjoyed stable production from the Cliff Head field for several months at around 800 BOPD from 4 producing wells with a facility uptime in excess of 98%.
The fifth producing well, CH13, is awaiting a replacement ESP and expected to be brought back online in November returning production to approximately 1,000 BOPD.
The Company has been progressing several opportunities within and near the Cliff Head field to enhance production, thereby extending the economic life of the offshore Cliff Head platform, and onshore Arrowsmith Oil Stabilisation Plant. Several drilling and workover opportunities in the Cliff Head area have matured to Contingent Resources.
Final Investment Decisions (FID) for these opportunities is planned for December 2019. Subject to FID and development drilling success, these opportunities will provide new production streams and represents a step change to oil production rates at Cliff Head.
Upon FID, it is intended that the contingent resource will be classed as reserves for the Cliff Head field.