Experienced Perth Basin oil producer Triangle Energy has completed its Cliff Head Renewal Project (CHRP), identifying three key opportunities that could be drilled and developed from the existing Cliff Head Alpha platform, and two new longer-term development prospects.

Triangle has also updated its assessment of unrisked Contingent Resources and Prospective Resources for the Cliff Head Project.

Highlights

• Best Estimate (2C) Contingent Resources 3.52 MMstb gross, 2.77 MMstb net to Triangle (78.75% share)
• Best Estimate Prospective Resources for WA-31-L Prospects total 9.46 MMstb gross, 7.45 MMstb net to Triangle (78.75% share)
• Three attractive opportunities that can be drilled and developed from the Cliff Head platform confirmed by the CHRP

Three priority drilling targets have been advanced through the Cliff Head Renewal Project (first announced on 29 August 2019), of which the Mentelle Updip prospect has the potential to materially impact the life-cycle of the Cliff Head asset, while West High and SE Nose could also provide a significant uplift in production.

Triangle Managing Director Mr Rob Towner said the next steps would be to commence detailed well planning, with a drilling campaign targeted when appropriate.

“It is pleasing that our work completed over the last 12 months or more has lead us to a point where we have three clearly defined, attractive, drilling opportunities,” Mr Towner said.

“The next steps for us are to commence the detailed well planning to execute these wells, within the constraints of the current oil price and industry down-turn.

“These drilling opportunities provide a cause for optimism for the long-term future of the Cliff Head asset.

“The work we have done for the Cliff Head Renewal Project gives us a clear picture of how the under-explored Perth Basin could be developed around existing infrastructure, extending the life of the Cliff Head project.”

KeyFacts Energy: Triangle Energy Australia country profile