Triangle Energy has completed deal for the Cliff Head oilfield, located in the offshore Western Australia.
The firm bought a 57.5% interest from AWE Limited for the Perth basin find.
The field currently produces 1,300 bopd. Remaining 2P reserves are estimated to be 3.8 million barrels, excluding field life extension projects. Cliff Head ahs a 10 year field life, however a number of field extension are being considered to lengthen its lifespan.
Managing director Robert Towner said: “Oil prices are at the lowest that we have seen for many years but the price volatility in the commodity markets is a constant factor and periods of uncertainty can present short to medium term opportunity.
“The evaluation of oil and gas opportunities is a major on-going endeavour for the board and management team of Triangle.
“Triangle is in a strong financial position following the recent sale of its Indonesian Pase’ asset and the significant cost reduction program undertaken over the past two years.
“The acquisition of a majority stake in the Cliff Head project is a major milestone for Triangle. The low up-front acquisition cost and positive cashflow in a current weak oil price environment provides exceptional leverage to Triangle shareholders.”
The Cliff Head oilfield is located 10 kilometres off the coast of Western Australia at a water depth of 1 5 – 20 meters . The field covers 6km² in the Commonwealth exploration permit WA – 286 – P and was the first commercial oil discovery developed in the offshore Perth Basin.
