Triangle Energy (Global) Limited (ASX: TEG), an experienced oil explorer & producer operating in the Perth Basin, on 11 March 2020, made two major announcements, including
- Resumption of oil production at Cliff Head Alpha Platform
- Appointment of Mr Troy Brice as Chief Operating Officer
Production Recommencement at Cliff Head
Cliff Head Oil Field approximately 14km offshore in the Perth Basin, Western Australia, is the Company’s flagship property, which includes the Cliff Head Alpha Platform and Arrowsmith Stabilisation Plant.
TEG resumed production at the platform on 10 March 2020, which currently stands at 950 barrels per day (b/d), after a thorough testing and inspection program over the last 24 hours. Over the coming days, production is expected to be optimised to a steady-state output of 970 b/d.
Owing to an electrical fault, the Cliff Head production operations were suspended during late-February 2020.
New Board Member Appointment
Another major announcement was the appointment of Mr Toy Brice as Chief Operating Officer (COO) of Triangle Energy. Mr Brice has extensive experience in the oil & gas, resources, government, defence and shipping industries. Prior to joining Triangle Energy, he ran a successful stint managing his own business consultancy.
In the recent past, Mr Brice held key executive positions at Kellogg Joint Venture at the Gorgon LNG Project and Swire Oilfield Services, an offshore marine logistics support services group. Moreover, he worked with Rio Tinto and Shell Coal, handling senior operational and commercial roles.
Welcoming Mr Brice to TEG Board, Managing Director, Robert E T Towner, stated that he was joining the Company at an exciting time when Triangle Energy is continuing its efforts towards extending the economic life and oil production throughput at its flagship operation.
To know more about the driving force behind TEG, do read - Getting Acquainted with Board and Management Team of Perth Basin-Focused Triangle Energy
Triangle Energy - The Dominant Pioneer of Perth Basin
Triangle Energy holds a strong portfolio of oil & gas assets in the Perth Basin, with significant gas investments in the Bowen Basin in Queensland.
Flagship Cliff Head Operations - The Company holds a 78.75% stake and operates the flagship Cliff Head Oil Operations including the alpha offshore facility and Arrowsmith stabilisation plant, together the only offshore and onshore crude oil facilities in the underexplored Perth Basin. The basin is believed to be highly underexplored and presents huge potential within the existing Cliff Head region and the neighbouring areas.
Cliff Head, the first commercial oil operations of the Perth Basin, includes promising future assets that could be exploited from the existing cantilevered rig at the offshore alpha platform, expanding the economic life to beyond 2030 with a production capacity of 4,000 barrels per day by 2021.
A final investment decision is pending, receival of which would lead to commencement of development of prospects around Cliff Head’s offshore facilities.
TP-15 Xanadu Oil Field: Triangle holds a 45% stake in TP/15 (Xanadu), one of the Company’s most promising future assets, along with Norwest Energy (25%) and 3C Group (30%).
The exploration program at Xanadu 1 indicated that both Xanadu and Cliff Head share the same target reservoir. Apart from a low-cost seismic study within and around the Xanadu field, the JV partners plan a follow up drilling program at Xanadu 2.
L7 Mt Horner Asset: Among other assets, the Company owns a 50% stake in the L7 Mt Horner asset in the North Perth basin.
State Gas Limited: TEG also owns a significant 32.71% stake in State Gas Limited (ASX:GAS), which was listed on the ASX in 2017. State Gas wholly owns and operates the Reid’s Dome Gas (PL 231) property, located in the Denison Trough of the Bowen Basin, in central eastern Queensland. State Gas is undergoing production testing at some of its prospects and plans commercial production in 2021.
Triangle Energy Holding Significant Investments; Are the Share Prices Justified? Read Here
For a detailed company overview, do read: Oil Producer & Explorer, Triangle Energy Strengthening Position in Highly Prospective and Underexplored Perth Basin
Following the two announcements, the TEG stock zoomed by 12% and closed the day’s trade at $0.028, with a market capitalisation of $9.02 million.