CLIFF HEAD OIL FIELD JOINT VENTURE
MAY 2022 OIL SALES A$ 21 million
HIGHLIGHTS:
• 139,992 barrels of oil sold at US$ 105.2* / barrel
• 8,287 barrels of oil sold at US$ 75.7* / barrel
• Total Oil sales of US$15,361,516
• AU$ Value of Total Oil Sales AU$ 21,335,439 (using 0.72 US$/A$ exchange rate)
The Cliff Head Joint Venture (CHJV) is pleased to announce that the final lifting of oil from the Kwinana
Oil Terminal to BP Singapore was undertaken on 8 May. This comprised 139,992 barrels sold at
US$105.2 and the “tank bottoms” of 8,287 barrels sold at October’s price of US$75.70.
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$4,533,780
Presently the Cliff Head Oil Field is continuing production that is being stored in the newly refurbished
tanks at the Arrowsmith facilities. This is being stored in the newly refurbished tanks onsite at the
Arrowsmith Stabilisation Plant. When these tanks are full the oil will be trucked to the Port of Geraldton
for loading into a tanker chartered by the CHJV.
Triangle Managing Director, Mr Conrad Todd said “I am pleased to report to shareholders that The Cliff
Head Joint Venture has completed a significant value oil sale, taking full advantage of the current high
oil prices. This will allow the CHJV to progress our exploration and production activities at Cliff Head,
including the upcoming workover of the CH 10 well. In addition this cashflow will facilitate the 3D seismic
and exploration of our L7 permit.”
• Note: Sales price rounded to nearest dollar
MAY 2022 OIL SALES A$ 21 million
HIGHLIGHTS:
• 139,992 barrels of oil sold at US$ 105.2* / barrel
• 8,287 barrels of oil sold at US$ 75.7* / barrel
• Total Oil sales of US$15,361,516
• AU$ Value of Total Oil Sales AU$ 21,335,439 (using 0.72 US$/A$ exchange rate)
The Cliff Head Joint Venture (CHJV) is pleased to announce that the final lifting of oil from the Kwinana
Oil Terminal to BP Singapore was undertaken on 8 May. This comprised 139,992 barrels sold at
US$105.2 and the “tank bottoms” of 8,287 barrels sold at October’s price of US$75.70.
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.”
• Note: Sales price rounded to nearest dollar
i hold TEG
i assume most of this will go to paying down debt
let’s see if they can keep producing in a reliable manner after so many problems in the past
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