Prospective OIIP Volumes in Near Field Exploration Prospects at Cliff Head
Wednesday 11 July 2018
Triangle Energy (Global) Ltd announced that the recently completed Static Model reveals up to 29 million barrels (unrisked, best estimate, evaluation date 2 July 2018) of prospective oil initially-in-place (OIIP), representing 10.2 million barrels of prospective resource in near field exploration targets within the Cliff Head Oil Field (Cliff Head) licence area, located in the Perth Basin.
These “near field” prospects are located in close proximity to Cliff Head’s discovered, producing reservoirs. The development of these volumes would therefore likely take advantage of existing pipelines and infrastructure as opposed to requiring a costly installation of new infrastructure. Prospective OIIP volumes are in addition to OIIP in the discovered, already producing Cliff Head reservoirs. It is intended that OIIP in these discovered reservoirs, along with associated reserve and contingent resource values, will be reported once dynamic modelling is complete later in Q3 2018.