Triangle Energy (Global) Ltd (ASX:TEG) managing director and CEO Rob Towner speaks to Proactive Investors about the oil and gas exploration and production company’s advancements developing the Perth Basin, off the coast of Western Australia.
The company has been remodelling its Cliff Head reservoir for the past three months, with completion of the static modelling stage expected within the coming month. Towner says, “the last 18 months of restructuring the project and business was very much focused on getting the cost of production down. When we purchased into the project, we were running operating or lifting costs at about US$45 a barrel, we’ve now got that down to US$27 a barrel, so these last three months of increased oil prices at above $60 even [means] we are making a good operating margin. So give us six months and we can start to reflect that in the bottom line.”
The onshore Arrowsmith Stabilisation Plant has also been getting plenty of care and attention. It’s regarded by Triangle as a key asset for both the company and the State, with excess production capacity which potentially lends itself to other historic projects and new discoveries, such as the Xanadu joint venture.