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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Triangle Energy (Global) Limited    TEG   AU000000TEG2

TRIANGLE ENERGY (GLOBAL) LIMITED

(TEG)
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Triangle Energy Global : CH7 Workover Complete and Production Resumes

11/30/2020 | 05:03pm EST

ASX Announcement

1 December 2020

ASX:TEG

CH-7 WORKOVER COMPLETE

AND PRODUCTION RESUMES

Experienced Perth Basin oil producer Triangle Energy (Global) Limited (Triangle/ the Company) (ASX: TEG) is pleased to advise that the CH-7 well at the Cliff Head Oil Field (Cliff Head) returned to production on the afternoon of 28 November 2020.

Operations returned after a successful Workover Programme (Workover) which included the installation of a new, downhole Electric Submersible Pump (ESP) and was completed ahead of schedule and under budget.

Performance testing and verification is underway, however the Company is pleased to announce that production associated with the CH-7 well is expected to stabilise at approximately 237 bopd, bringing the field total production to approximately 825 bopd.

The successful resumption of production on the CH-7 well revalidates the Company's decision in 2019 to move to the Hydraulic Workover Unit (HWU) alternative system for safe and lower cost operations, ESP design and replacement.

The Company would also like to update shareholders on the CH-6 Workover, which commenced concurrently with the CH-7 Workover. This Workover has been temporarily suspended after initial attempts to retrieve the old ESP were unsuccessful. The failed ESP had been in production for over ten years. This exceptional runlife is a testament to the operation of the well and the Cliff Head field from the Triangle team in Dongara.

This pause in operations enables the Company to progress with contingency planning without incurring any standby costs.

The target date for resumption of workover activities for CH-6, under the current contracting agreements, will be Q1 2021.

Approved for Release By:

Robert E T Towner

Managing Director

ENDS

For more information:

Mr Robert Towner

Managing Director

E: rtowner@triangleenergy.com.au

P: +61 8 9219 7111

General Shareholder Enquiries:

info@triangleenergy.com.au

Triangle Energy (Global) Limited ABN 52 110 411 428triangleenergy.com.au

Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia

  1. +61 8 9219 7111

About Triangle Energy (Global) Ltd

Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and a 45% share of the Xanadu-1 Joint Venture, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

Triangle Energy (Global) Limited ABN 52 110 411 428triangleenergy.com.au

Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia

  1. +61 8 9219 7111

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Triangle Energy (Global) Limited published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2020 22:02:03 UTC


© Publicnow 2020
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Sales 2020 12,3 M 9,42 M 9,42 M
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Net cash 2020 1,62 M 1,24 M 1,24 M
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NameTitle
Robert E. T. Towner CEO, Managing Director & Executive Director
Timothy Monckton Independent Non-Executive Chairman
Marvin Chan Chief Financial Officer
Wai-Lid Wong Non-Executive Director
Malcolm Ross King Non-Executive Director
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