Triangle Energy’s Cliff Head exports first oil through new Geraldton-Singapore route

Triangle Energy (ASX:TEG) has finally shipped its first oil from the Cliff Head project. 

24.5k barrels of oil were taken from the Port of Geraldton (PoG) to Singapore using what the company calls a new tanker export route. 

The AB Paloma took the oil from the WA-based Arrowsmith Stabilisation Plant at the PoG. 

The tanker will remain on standby as a further 25k-30k barrels of oil are produced and shipped on-board before it heads off to a refinery in Singapore. 

Perth Basin production enabled 

Triangle notes this method allows for the Perth Basin oil field(s) and the Cliff Head field to continue enjoying secure access to a sales line. 

Other Perth Basin producers, the partnership says, can facilitate access to the route via the Cliff Head JV (CHJV). 

Cliff Head to produce more 

The Cliff Head field will see its production quotas expanded later next month when the CH10 well is worked-over; commencing later this month. 

The partnership notes long lead items await delivery into Australia, most crucially, a submersible pump. Assets were purchased in Triangle’s capital raise in May.

Geraldton port, management happy 

“We are excited to facilitate a new tanker export route through Geraldton,” GoP CEO Damien Tully said. 

“I congratulate [Triangle] on this significant milestone and we look forward to future work.” 

Triangle managing Director Conrad Todd echoed Tully’s sentiments. 

“This is an exciting time and a major turning point for the CHJV,” Todd said. 

“We will continue exporting and selling the oil produced from Cliff Head for the foreseeable future.” 

TEG's three month charts versus the energy index. Will the partnership with Geraldton Port be enough to get Triangle out of this rut?