Triangle Energy Buys 57.5% Stake in Cliff Head Oil Field in Western Australia

Triangle Energy (Global) Limited has picked up 57.5 percent stake in the Cliff Head oil field, located in the offshore Perth Basin, Western Australia.

The company on Monday announced the signing of an agreement in this regard with AWE Ltd.

The Cliff Head oil field is located 10 kilometres off the coast of Western Australia at a water depth of 15-20 meters. The field covers 6km² in the Commonwealth exploration permit WA-286-P and was the first commercial oil discovery developed in the offshore Perth Basin. To- date the field has produced over 14.8 million barrels. It is the only oil field in the offshore Perth Basin.

ROC Oil (WA) Pty Ltd (a subsidiary of Fosun International Limited) is the operator of the field and holds a 42.5 percent interest.

Triangle will pay a total of A$3.2 million cash, for which a deposit of $819,777 has been paid, the company said. A royalty of $5/bbl is payable for oil sales in excess of $70/bbl.

Managing Director, Robert Towner stated: “Oil prices are at the lowest that we have seen for many years but the price volatility in the commodity markets is a constant factor and periods of uncertainty can present short to medium term opportunity.”