Triangle JV wraps up oil shipment, sets sail for Thailand

Triangle Energy has notched up a second milestone for its Cliff Head joint venture in as many months, sending another oil shipment from the joint venture’s Arrowsmith stabilisation plant onto a chartered tanker at the Port of Geraldton. The 26,500 barrels joined oil from its maiden lift with 51,000 barrels now en route to a refinery in Thailand.

The work was completed as part of Triangle’s Cliff Head JV, or “CHJV” – a tie up with ASX-listed Pilot Energy that includes production at Cliff Head oil field about 270km north of Perth, the Arrowsmith stabilisation plant, well infrastructure, pipelines and federal and state pipeline licences.

Triangle holds an almost 79 per cent interest in the CHJV.

The CHJV transported 26,500 barrels of oil from the Arrowsmith stabilisation plant to the Port of Geraldton before loading it onto the AB Paloma tanker.

The shipment joined 24,500 barrels from the joint venture’s maiden load out of oil from its refurbished facility for a total cargo load of about 51,000 barrels of oil. The material will be mobilised to Thailand along a new shipping route.

The company believes the new route could prove a boon to WA-based producers looking to move their product, particularly those operating out of the Perth Basin where gas production has been hampered by an inability to deal with condensate and other liquid hydrocarbons and the closure of the BP’s oil refinery at Kwinana.

The completion of the second export run for Cliff Head oil through the Port of Geraldton and the departure of the tanker to a refinery in Thailand ensures that we will continue exporting and selling the oil produced from the Cliff Head Oil Field for the foreseeable future as we progress plans on the future utilisation of the Cliff Head facilities.

Triangle and JV partner Pilot Energy are now set to conclude working arrangements for the future development of the Cliff Head project. The next step for the pair will be development of a carbon capture and storage operation for third parties.

Management says, if successful, the play could breathe new life into its CHJV operations.

The company has tucked away more than $13.8 million in cash at the end of the June quarter – an over $11 million leap above the previous quarter’s figures.

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