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Perth’s CHJV gets maiden oil lift boost

27 October 2021
ASX: TEG
Staff Reporter

Cliff Head Joint Venture has benefited from a surprise bump in oil prices amid celebrations after successfully lifting 107000 barrels of crude oil at BP Kwinana Terminal, Western Australia.

Fresh from a deal with BP Singapore, drinks will be on CHJV as they receive payment of around $10.7 million, calculated on the price of Brent crude, equating to around US$1m in unexpected additional revenue in October.

The partners will also pocket a further $1.1m for 10900/bbls delivered in April under a previous arrangement with BP Australia.

BP Singapore will have the right to match any offers for the sale of oil produced at its Cliff Head Oilfield off the coast of Dongara on a standalone basis for three years following the delivery period.

“The recently announced Offtake Agreement has certainly been advantageous for the Cliff Head Joint Venture given the October 2021 Brent Oil price”, managing director of major partner Triangle Energy, Robert Towner, said.

“The accumulation of five months’ inventory meant that we have benefited from the increase in oil price by approximately US$1.0m, which will provide valuable working capital to deliver outcomes on our Perth Basin exploration, development and production projects.”

TEG’s Australian Stock Exchange-listed shares had risen 5 per cent today, trading at 2.1c (8:41 am GMT+ 8 hours).

COMPANY OVERVIEW

Triangle Energy (Global) Ltd (ASX:TEG) is an ASX listed oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share (increasing to 100%) of the L7 production licence with a 13% share (going to 100%) in the adjacent EP 437 permit and a 60% share of the Xanadu-1 Joint Venture, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an interest in four permits in Queensland.

COMPANY INFORMATION

ASX: TEG

Website

https://triangleenergy.com.au/
https://www2.asx.com.au/markets/company/teg

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