Sales of Cliff Head Oil

Source: www.gulfoilandgas.com 6/8/2022, Location: Not categorized

On the 8th of May, the Cliff Head Joint Venture (CHJV) completed the final lifting of oil from the Kwinana Oil Terminal to BP Singapore. This included 139,992 barrels sold at US$105.2 and 8,287 barrels sold at US$75.70 in October as "tank bottoms."

The CHJV will receive a total income of US$15,361,516, which equates to A$21,335,439. This will result in the following effective allocation to the JV partners as follows:

Triangle Energy:- A$16,801,658

Pilot Energy:- A$4,533,780

Presently the Cliff Head Oil Field is continuing production that is being stored in the newly refurbished tanks at the Arrowsmith facilities. This is being stored in the newly refurbished tanks onsite at the Arrowsmith Stabilisation Plant. When these tanks are full the oil will be trucked to the Port of Geraldton for loading into a tanker chartered by the CHJV.

Triangle Managing Director, Mr Conrad Todd said “I am pleased to report to shareholders that The Cliff Head Joint Venture has completed a significant value oil sale, taking full advantage of the current high oil prices. This will allow the CHJV to progress our exploration and production activities at Cliff Head, including the upcoming workover of the CH 10 well. In addition this cashflow will facilitate the 3D seismic and exploration of our L7 permit.


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