MANAGING DIRECTOR OVERVIEW - Mr Rob Towner
"During the December quarter, Triangle Energy (Global) Limited (Triangle, the Company) delivered a 93% increase in production over the previous quarter.
"The company has focused on the work over of the CH12H and CH07 wells and this work has now concluded successfully. I am very pleased to report production from Cliff Head is now at approximately 1000 bpd (100% JV basis).
"The company was very busy during the quarter and our strategy to increase our footprint in the Perth Basin continued. The opportunity to increase our stake in the Xanadu oil discovery in TP/15 via acquiring Whitebark’s 15% interest is now almost complete and the company is actively engaged with the Operator, Norwest Energy Limited in progressing the planned 3D seismic survey. In addition, our farmin to Production Licence L7(R1) Mt Horner provides another opportunity to enhance oil production in the medium term.
"Over the period the Company successfully completed a placement and entitlements offer raising US$4.53 million after costs and I welcome all new shareholders and thank those existing shareholders who participated in the capital raising.
"The quarter saw a significant uplift in the value Triangle’s 35.47% interest in State Gas Limited (State Gas) due to successful drilling and test work at the Nyanda-4 well.
"Triangle is well positioned to deliver on its strategy to grow oil production in the Perth Basin and we will continue to assess opportunities as they arise, which will enhance our exploration and production portfolio."
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/31012019/triangle-energy--quarterly-report-for-the-period-ending-31-december-2018/