Triangle Energy (ASX:TEG) - Managing Director, Rob Towner
Managing Director, Rob Towner
Sourced: Hot Copper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Oil producer and explorer Triangle Energy (TEG) has confirmed three new opportunities at its Cliff Head Project in the Perth Basin
  • The three new prospects could be drilled and developed from the existing Cliff Head Alpha platform, which lowers the associated risk in the current low-price oil market
  • The potential expansion forms part of Triangle’s greater Cliff Head renewal strategy
  • The best looking prospect is the Mentelle Updip – where best estimate prospective resources have been upgraded by 58 per cent
  • Triangle will now commence detailed well planning, targeting a drilling campaign within the constraints of the current oil price down-turn
  • Triangle Energy spiked to 2.8 cents early on Thursday, but ended the day 4.17 per cent red at 2.3 cents per share

Oil producer and explorer Triangle Energy (TEG) has confirmed three new opportunities at its Cliff Head Project in the Perth Basin.

The three new prospects could be drilled and developed from the existing Cliff Head Alpha platform, which lowers the risk associated with such new developments in the current low-price oil market.

The potential expansion forms part of Triangle’s greater Cliff Head renewal strategy. Over the last nine months TEG has undertaken extensive studies of the area to identify prospects within the Perth Basin which could be exploited through existing infrastructure, or with minimal additional work.

Detailed reviews of mapping and reservoir interpretation, reprocessing of the Cliff Head 3D seismic data, and depth conversion studies are among the techniques being utilised to see what else might lie beneath the Perth Basin.

The best looking prospect so far is the Mentelle Updip. A review of the reservoir interpretation confirmed a large structure of Irwin River Coal Measures – a type of sandstone known to contain exploitable resources.

As a result of the further study, the best estimate prospective resources have been upgraded to 5.2 million stock tank barrels (MMstb), from 3.3 MMstb previously. The prospect is assessed as having a 38 per cent chance of discovery and a 34 per cent chance of commercial discovery.

The other two prospects – West High and SE Nose – are both requiring more work to fully understand their potential. Both will require drilling to upgrade contingent resources to reserves. Given their proximity to existing infrastructure it is expected the further appraisal of the prospects should continue, pending joint venture approval.

Triangle Managing Director Rob Towner believes the best next steps are to continue cautiously toward exploiting the new potential resources.

“[Triangle will] commence detailed well planning, targeting a drilling campaign within the constraints of the current oil price and industry down-turn,” he said.

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

Triangle Managing Director Rob Towner

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

Triangle Energy spiked to 2.8 cents early on Thursday, but ended the day 4.17 per cent red at 2.3 cents per share.

TEG by the numbers
More From The Market Herald
The Market Herald Video

" Metgasco (ASX:MEL) flags $5.9m buyout of Patriot Hydrogen

Metgasco (ASX:MEL) is set to purchase waste-to-hydrogen production business Patriot Hydrogen for $5.9 million as part…
Melbana Energy (ASX:MAY) - Executive Chairman, Andrew Purcell (left)

" Melbana Energy (ASX:MAY) reaches 2150m depth at Zapato-1, Cuba

Melbana Energy (ASX:MAY) has reached a depth of 2150 metres at the side-track hole in its…
The Market Herald Video

" Whitebark Energy (ASX:WBE) completes Rex-4 well drilling

Whitebark Energy (ASX:WBE) has completed the first phase of the Rex-4 development well at its Wizard…
The Market Herald Video

" Peninsula Energy’s (ASX:PEN) Lance DFS highlights potential as globally unique uranium operation

Peninsula Energy's (ASX:PEN) definitive feasibility study positions its Lance projects as a globally competitive in-situ recovery…