TEG (ASX) Oil news

Originally posted by pumper ↑

Hi Guys
The following is from Nick Kelso -Newsletter to clients and an excellent write up for TEG.

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Column 1Last week I caught up with Rob Towner from Triangle Energy (ASX:TEG) whom I have known for quite a long time not only is he a director of Triangle he is also a bit of a wine buff. He is an owner of a winery in Margaret River called Flametree which have some exceptional wines and have won many awards over the years since it started in 2007, anyone is ever in the Margaret River region and looking for a good drop of Vino, pop into Flamtree and tell them The Rat sent you !!! Although we did discuss a bit of vino the main reason Rob came to see me was about Triangle Energy (ASX:TEG) who are an Australian focused oil producer and explorer. They are currently producing 747 barrels a day from the Cliff Head oil field which generates enough money to cover operating expenses and the overheads of the business. On any given day cost of production is $US35 per barrel, as I speak Brent oil is $US48…GO FIGURE The company’s main assets and I will give you some highlights on them below: Cliff Head project, Perth Basin

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.

The development cost of the field and infrastructure was A$327m with first oil production commencing in May 2006. To-date the field has produced over 14.8 million barrels and continues to produce at above originally forecast rates.

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

Current oil production of approximately 1,300 bopd gross from the Cliff Head field is produced via an offshore platform connected to the Arrowsmith onshore processing plant by twin 14 kilometre production and injection pipelines.

Crude oil is trucked to BP at their Kwinana refinery south of Perth.

More recent corporate activity has been at the exciting and highly prospective Xanadu-1

Location

TP/15 Offshore Perth Basin Western Australia (10kms SSE of Cliff Head Oil Field) Joint Venture Interest

Joint Venture Interest

Norwest Energy NL 0% to earn 25% (Operator)

TEG 40% to earn 30%

3C Group 40% to earn 30%

Transerv 20% to earn 15% Asset stage

Asset Stage

Confirmed prospect to drill

Conventional oil play

Three intervals to be tested

Un-risked best estimate prospective recoverable resource of 160MMbbls

Estimated cost to drill AUD$7million

Planned 2017 Work Program

Well Management Plan and Environmental Plan submitted

Complete rig cost/benefit analysis and go to contract

Receive all regulatory approvals

Spud well August/September 2017

Comments

Unique opportunity to drill a relatively low cost offshore play from onshore with a high equity position

Synergies with Arrowsmith oil processing facility 12kms to the north (TEG)

Investment Case

Highly prospective exploration targets in the underexplored Perth Basin

Cliff Head provides Triangle with strong, predictable cash flows and solid foundation for growth

Triangle will pursue opportunities to enhance value of the Cliff Head asset through EOR and targeting near-field resources

Cliff Head offshore and onshore infrastructure is valuable in the highly active and prospective Perth Basin

Triangle will leverage its strong relationships with partners to expand its portfolio in areas of interest

Exposure to strengthening Queensland gas sector through its 60% and operatorship of the Reids Dome conventional gas project in Queensland… THIS is maybe a hidden GEM given the political up roar and lack of gas on the East Coast..

TEG has a tight share register with only 146m shares on issue and in Rob’s words the story has not been marketed for over 9 months since the acquisition of Cliffhead as they have been in cash preservation mode given what we have seen with the oil price.In my opinion they have done very well to do this and certainly much better than many O & G plays that have now become re incarnated as Tech companies or pot companies. For anyone that likes oil and gas and has some risk appetite like yours truly I would suggest you take a closer look at TEG

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Mate, that is awesome, love the wine bit as well

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Last 0.6¢		Change 0.001(20.0%)		Mkt cap ! $12.48M

Open	High	Low	Value	Volume
0.5¢	0.6¢	0.5¢	$2.824K	531.2K

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