Triangle Energy (Global) Limited (ASX:TEG) is an experienced and successful oil production and exploration company based in Perth, Western Australia.
Triangle Energy is the majority owner (78.75%) and registered operator of the Cliff Head Oil Field and Arrowsmith Stabilisation Plant, the only offshore and operating onshore crude oil facilities in the Perth Basin. We are a 45% partner in the newly discovered Xanadu-1 oil field, and have entered into a Farmout agreement to acquire 50% of the L7 Mt Horner asset. Triangle is the largest shareholder of State Gas (ASX:GAS) in Queensland with a 33.34% interest. We have a number of highly prospective exploration programs and continues to assess joint venture and acquisition prospects to expand our portfolio of assets.
- Completion of optimisation review and a change in methodology has delivered;
- a safer more reliable operation under a revised Safety Case;
- an increase in the well uptime that arises from being positioned to maintain inventory and reduce turn around time post an ESP failure; and
- a significant reduction in capital expenditure on future workovers of the Cliff Head wells
- Increasing Near Term Production at Cliff Head
- The return of CH-13 brings a total of five producing wells at Cliff Head boosting production to >1000bopdLong
- 45% interest in TP-15 Xanadu Oil Field
- 3D Seismic Grid acquired and provides a clear image of Xanadu structure with assessment on commerciality ongoing
- Structurally and Geochemically similar to Cliff Head