Triangle Energy Limited and Pilot Energy Limited Provide Update on Cliff Head Joint Venture
significantly exceeds the field average of 4 years. On 9 June 2022, activities will begin on the CH-10 Workover to replace the failed ESP and increase hydrocarbon production from this well. Over the coming months, the CHJV will
undertake a phased campaign to recover the failed ESP and replace it with a new ESP. In addition, a deeper water producing reservoir will be isolated, with the aim to increase oil production. The phased approach to this workover optimises the utilisation of the Hydraulic Workover Unit and budget spend in alignment with long lead item delivery schedules. The CHJV expects the successful workover will produce an additional circa 130 barrels of oil per day
(bopd) from CH-10 and see field production return to above 800 bopd. Cliff Head Joint Venture effectively held by the Triangle Energy (Global) Limited - 78.75% and Pilot Energy Limited- 21.25%.