Ann: Quarterly Activities and Appendix 5B September 2020, page-8

From The Australian

Shares in Triangle Energy, which supplies oil to BP’s Kwinana refinery, have plunged 28 per cent after the British giant’s decision to close the West Australian plant.

The WA producer delivers crude from its Cliff Head oil project to Kwinana under a supply deal and said it was now assessing both domestic and export customers as it searches for new markets to supply.

Triangle said it had not received a formal notice of termination under the supply agreement.

It noted BP had advised it will keep operating Kwinana for “many months” as it moves to converting the facility to a fuel import terminal.

Triangle shares plunged by 28 per cent to 2c after emerging from a trading halt on Tuesday.

“Triangle shares the concerns voiced by the Western Australian and Federal governments and believes ongoing refining capability is vital for the nation’s future energy security,” the company said in a statement.

“Triangle has investigated several export and domestic markets for its product in the past and will continue these efforts in parallel with government policy measures aimed at protecting Australia’s domestic refining capability.”