I am at the conference and here are my thoughts on Triangle Energy preso.
71% of Cliff Head oil field 300 km offshore Perth plus the current well being drilled (30% upon success).
Cliff head flowing 1,200 bbls per day with possible infill drilling.
Can't see how they plan to pay for the offshore abandonment cost although they are revisiting the cost.
Xanadu 1 top target at 800m is too shallow, big risk on oil quality, and trap closure.
Off loading permit in Queensland via float of new company called STATE GAS IPO.
But if Xanadu works might be worth a punt as existing cliff head onshore processing and tank farm will be used.
I am at the conference and here are my thoughts on Triangle...
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