CLIFF HEAD OPERATIONS UPDATE

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  1. 77.9k
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    CH-6 WORKOVER AND CH-11 SLICKLINE INTERVENTION
    Cliff Head Joint Venture:
    Effectively held by the following group entities:
    Triangle Energy (Global) Limited (ASX: TEG): 78.75%
    Pilot Energy Limited (ASX: PGY): 21.25%
    Highlights:
     CH-6 Workover and CH-11WI Slickline Intervention to commence on 30 June 2021
     Production restart on CH-6 and production enhanced from CH-11WI expected by end
    July 2021
    Experienced Perth Basin oil producer, Triangle Energy (Global) Limited (Triangle, the Company) (ASX:
    TEG) is pleased to provide the following update on its Cliff Head Operations (Cliff Head) in respect of the
    commencement of the Cliff Head 6 (CH-6) workover and Cliff Head 11 Water Injector (CH-11WI) slickline
    intervention campaigns.
    On Wednesday, 30 June 2021 activities will begin on the CH-6 Workover and CH-11WI Slickline Intervention.
    Over the coming month the Company will undertake the two campaigns with the aim to increase production
    at Cliff Head.
    As previously announced the CH-6 well was shut in, in June 2020, due to Electrical Submersible Pump (ESP)
    failure. In October 2020, the Company attempted to replace the ESP but was unable to retrieve the failed
    ESP. The Company will be re-entering the well with a swathe of new equipment and enhanced capabilities
    and expects to bring approximately 120 barrels of oil per day online form CH-6.
    In conjunction with the CH-6 Workover, the Company will undertake a Slickline Intervention on CH-11WI.
    The Company has completed studies that indicate reconfiguration of the injection zone of CH-11WI can
    contribute to increased oil recovery and further enhance daily oil production.

    courtesy of Bell Direct
    =========================================================================

    DYOR

    i hold TEG

  2. 77.9k
    Posts

    CLIFF HEAD JOINT VENTURE
    BINDING OFFTAKE AGREEMENT SIGNED WITH BP SINGAPORE
    The Cliff Head Joint Venture (CHJV) is pleased to announce that the CHJV participants (Producers)
    have entered into a Binding Offtake Agreement (Offtake Agreement) with BP Singapore Pte Limited
    (BP Singapore), in relation to the sale and purchase of its crude oil produced at the Company’s Cliff
    Head Oil Field. Under the terms of the Offtake Agreement, BP Singapore will purchase 100% of the
    crude produced from the Cliff Head Oil Field, commingled with crude and condensate of other producers
    (Designated Seller Groups), on FOB Kwinana terms. Triangle Energy (Operations) Pty Ltd (TEO), will
    act as the Operating Agent on behalf of all of the Designated Seller Groups in relation to each of their
    offtake agreements and has entered into an agreement with each of the Designated Seller Groups to
    govern the provision of these services.
    As foreshadowed in TEG’s announcement on 22 April 2021, this Offtake Agreement will operate in
    tandem with the already executed Product Storage and Services Agreement (Storage Agreement) with
    BP Kwinana and is based on the terms of the Non-Binding Offtake Term Sheet referred to in that
    announcement.
    The Designated Seller Groups have each entered into a Storage Agreement with BP Kwinana, operating
    together, pursuant to which the Designated Seller Groups have leased tanks at Kwinana, Perth, Western
    Australia for storing the Designated Seller Groups' crude oil and condensate on a commingled basis.
    The initial term of the Offtake Agreement is aligned with the term of the Storage Agreement. The offtake
    is for the entire production quantity from the Cliff Head Oil Field, and pricing is at a fixed discount to
    Brent. BP Singapore has been granted a right to match any offers for the sale of Cliff Head Product sold
    on a standalone basis for a period of 3 years following the delivery period. The Producers may be subject
    to penalties and liabilities if they, or another Designated Seller Group member, delivers off-specification
    product.
    Based on current storage levels, the CHJV expects that the first lifting will take place in October 2021.
    The CHJV intends to provide shareholders with regular production updates to outline the production
    profile of the CHJV between liftings and to notify shareholders when liftings occur.
    Triangle Energy (Global) Limited | ABN: 52 110 411 428 2
    Pilot Energy Limited | ABN: 86 115 229 984
    TEG Managing Director, Robert Towner said today,
    “TEO, as Operator of the CHJV is delighted that the Offtake Agreement has been executed with BP
    Singapore. This provides certainty to the CHJV regarding upcoming oil production and continues the
    significant contribution to the West Australian community. The Cliff Head Oil Field, together with its
    significant infrastructure, is now capable of continuing to take oil to the market, as well as providing the
    base upon which further exploration and development success in the permit areas may be exploited.”

    courtesy of Bell Direct
    =========================================================================

    DYOR

    i hold TEG

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