Triangle Energy signs off on strong year, flags growth prospects of Cliff Head oil venture
Growth-focused WA oil producer Triangle Energy (ASX: TEG) has signed off on a strong year highlighted by positive cashflow from operations and production increase opportunities from the Cliff Head oil project in the offshore Perth Basin.
Releasing its financial accounts and annual report, Perth-based Triangle non-executive chairman Tim Monckton described the past year as a period growth and strengthened position in the Perth Basin, including taking over the operatorship of Cliff Head and increasing its shareholding in the exciting, undeveloped Xanadu oil discovery.
Work is underway to determine the location of an appraisal well for Xanadu-1 while at Cliff Head a fifth production well, CH13, is slated to come on stream in November. CH13 and other efforts are expected to boost Cliff Head’s production profile to 1000 barrels a day.
Triangle’s focus is on advancing near-field prospects and development opportunities to maximise value from the Cliff Head offshore installation and associated onshore Arrowsmith stabilisation plant.
Triangle’s interest in Cliff Head is 78.75%.