Triangle Energy (Global) Ltd, as part of the Cliff Head Joint Venture (CHJV) with Pilot Energy (ASX:PGY) Ltd, has welcomed the news that it will receive in the vicinity of A$5.4 million since the AB Paloma tanker unloaded 50,756 barrels of oil at a refinery in Thailand late August.
The CHJV has been paid US$4.6 million on a pro-forma invoice, which will be adjusted later this month when final oil price confirmations have been incorporated totalling approximately A$6.8 million.
The JV partners will take their share of the proceeds as follows:
- Triangle Energy – ~A$5.4 million; and
- Pilot Energy – ~A$1.4 million.
The tanker has returned to Geraldton and completed the third load-out of oil from its refurbished and expanded storage tanks at the Arrowsmith Stabilisation Plant (ASP) facility.
The CHJV trucked 26,500 barrels of oil from ASP to the Port of Geraldton between September 29 and October 3, in a 24-hour operation, and loaded it onto the Tanker AB Paloma.
The tanker will now anchor off Geraldton awaiting a second loading in around five to six weeks.
Viable export route
The CHJV can now confirm that there is a viable export route for oil from both the Cliff Head Oil Field and other Perth Basin producers, enabling continuation of production from the Perth Basin.
Triangle Energy managing director Conrad Todd said: “This continues the exciting progress and management of the Cliff Head Joint Venture.
“The payment for oil delivery to a refinery in Thailand is the final confirmation of the viability of the truck-to-tanker export route.
“This export route is now progressing with the third tanker loading of crude oil complete which 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.”
Carbon capture operation
The two partners are working cooperatively to maximise production and income from the Cliff Head oil field while working out future development plans for Cliff Head.
The forward planning is focused on the development of a carbon capture and storage (CCS) operation to provide carbon management services to third parties.
This is expected to significantly extend the working life of the CHJV infrastructure and facilities.