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Triangle Energy Identifies Near Field Exploration Targets within the Cliff Head Oil Field

Source: www.gulfoilandgas.com 7/10/2018, Location: Not categorized

Triangle Energy has announced that the recently completed Static Model reveals up to 29 million barrels (unrisked, best estimate, evaluation date 2 July 2018) of prospective oil initially-in-place (OIIP), representing 10.2 million barrels of prospective resource in near field exploration targets within the Cliff Head oil field licence area, located in the Perth Basin.

These 'near field' prospects are located in close proximity to Cliff Headís discovered, producing reservoirs. The development of these volumes would therefore likely take advantage of existing pipelines and infrastructure as opposed to requiring a costly installation of new infrastructure. Prospective OIIP volumes are in addition to OIIP in the discovered, already producing Cliff Head reservoirs. It is intended that OIIP in these discovered reservoirs, along with associated reserve and contingent resource values, will be reported once dynamic modelling is complete later in Q3 2018.

Triangleís Managing Director, Mr Rob Towner, said that Triangleís full field re-modelling and subsurface re-interpretation included remapping and geological modelling extended to cover four recognised near field exploration areas: the NFE West (A1), South (A2), South East (A3) and CH5 (A4) areas.

Mr Towner said the latest result from the static model completes the picture on what the future of Cliff Head could look like.

'In addition to the immediate production enhancement opportunities and a potential development project in the Main Cliff Head discovered field, as outlined in an announcement released on 2nd July 2018, the static model defines a near field exploration potential that could lead to a multi-phased field development program, potentially recovering a further 10.2 million barrels (unrisked, best estimate) and extending field life into the 2030ís and beyond.'

Mr Towner said the Triangle team would now generate a full near field exploration program to test and confirm the volumes.

The near field exploration program will be executed in conjunction with Cliff Head development activity, where an integrated Cliff Head development-exploration offshore program is expected to be put in place for 2019.

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