THE BOURSE WHISPERER: Triangle Energy (ASX: TEG) via its operating affiliate Triangle Energy (Operations) Pty Ltd (TEO) has become Registered Operator of the Cliff Head Joint Venture onshore and offshore facilities, located in the Perth Basin approximately 300 kilometres north of Perth.
Triangle became the majority (78.75%) owner and operator of Cliff Head in May 2017, at which time a third party contractor was the Registered Operator of the facilities on behalf of the Joint Venture.
To become the Registered Operator, TEO developed two Safety Cases for the Cliff Head facilities that were accepted and approved by the relevant Regulatory Authorites: The Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) for the onshore Arrowsmith Stabilisation Plant (ASP), and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for the offshore Cliff Head Alpha Platform.
Triangle Energy said that the Approval of the Safety Cases demonstrates that TEO, as the new Operator of Cliff Head, has properly identified hazards and risks, can describe how the risks are controlled, and has defined the safety management system in place to ensure these controls are effectively and consistently applied.
Triangle commissioned a full and independent Operational Readiness Review to strengthen its accountability as the Registered Operator.
The review will ensure TEO is capable to not only comply with the approved Safety Cases but also has the full suite of processes, systems and competent people to execute production operations upon operatorship handover.
“Benefits of being the Reigstered Operator include more effective communication between the operation and management, improved response times to opportunities or issues, and increased in-house knowledge and accountability,” Triangle Energy managing director Rob Towner said in the company’s announcement to the Australian Securities Exchange.
“Strategically, operational control will allow Triangle to drive systemic changes to the Cliff Head Operation, including updating maintenance plans and optimising operating models, all of which will yield sustainable cost savings and increased margins.
“The Safety Cases are tailored for maintaining the integrity of the operation and demonstrate that we know the risks and can manage them effectively.
“Approval of the two comprehensive Safety Cases is a great achievement and I’d like to thank everyone involved in developing these documents, liaising with DMIRS and NOPSEMA, and helping Triangle become the Registered Operator of its own assets.”