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Perth Basin oil boost

9 June 2022 13:01
ASX: TEG

Triangle Energy (Global) Limited – in joint venture partnership with Pilot Energy – is anticipated to significantly increase daily oil production at the Cliff Head field in the Perth Basin, Western Australia.

The boost is expected after the CH-10 workover is completed and returned online.

The well – which has been offline since going down in September 2021 due to a downhole electrical fault, is anticipated to increase the field to ~800 bopd in total, with CH-10 adding ~130 bopd post workover.

The company said the workover optimises the utilisation of the Hydraulic Workover Unit and the budget spend in alignment with long lead item delivery schedules.

“This will allow the CHJV to restore the production lost due to failure of the downhole pump and furthermore to increase production by shutting of water from a deeper reservoir,” Triangle managing director Conrad Todd said.

Over the coming months, the CHJV will undertake a phased campaign to recover the failed ESP and replace it with a new ESP.

Additionally, it will isolate deeper water producing reservoirs to increase oil production.

TEG’s Australian Stock Exchange-listed share price is trading at 1.5c (12:55 pm UTC+ 8 hours).

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