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TRIANGLE ENERGY (GLOBAL) LIMITED — Capital/Financing Update 2020
May 25, 2020
65907_rns_2020-05-25_2e0d928d-0aed-4f03-9eb3-7ea5a2d12bfb.pdf
Capital/Financing Update
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ASX Announcement
26 May 2020
ASX:TEG
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Cliff Head Operations Update
Triangle Energy (Global) Limited ( ASX:TEG ) ( Triangle / the Company ) would like to give the following update on its Cliff Head operations.
The Company is pleased to announce that the passing of the severe weather event (Tropical Cyclone Mangga) in the region where the Company’s Cliff Head Alpha ( CHA ) platform is situated, has not caused any damage to the CHA platform or to the Arrowsmith Stabilisation Plant ( ASP ). Triangle can confirm there was and is no risk to staff safety.
The capital investment of $4.9 million by the Company since July 2019 to now on the facility has strengthened the integrity of the infrastructure and the production wells. Both ASP and CHA facilities were robustly designed for rare storm events in excess of the recent weather conditions and, as such, remain in excellent condition.
In support of well optimisation and production maximisation, Triangle have also upgraded and increased the capacity of the Harmonic Filter, which will enable improved well management and production consistency.
Further updates will be provided in accordance with the Company’s continuous disclosure obligations.
Approved for release by:
Mr Robert Towner Managing Director
ENDS
General Shareholder Enquiries: [email protected]
About Triangle Energy (Global) Ltd
Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) 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 of the Mt Horner L7 production licence and a 45% 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 a 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.
triangleenergy.com.au
Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia T +61 8 9219 7111