Triangle Energy: Prospective OIIP volumes in near field exploration prospects at Cliff Head

Triangle Energy (Global) Ltd (ASX:TEG) (Triangle, the Company) is pleased to announce 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 bbls of prospective resource in near field exploration targets within the Cliff Head Oil Field (Cliff Head) licence area, located in the Perth Basin.

Triangle’s Managing Director, Mr Rob Towner, said that Triangle’s 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 bbls (unrisked, best estimate) and extending field life into the 2030’s and beyond.”

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

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

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/10072018/prospective-oiip-volumes-in-near-field-exploration-prospects-at-cliff-head/