Triangle Energy (Global) Ltd

Triangle was removed from the ASX official list at close of trading on 28 August 2026 for not paying annual listing fees. This ends its listing, following the July administration and suspension. Shares can no longer trade on the ASX.

registration revoked

Triangle and three subsidiaries entered voluntary administration under Bryan Hughes of 101 Advisory. This followed administration of Pilot and the Cliff Head operator, and Triangle's stated inability to meet potential decommissioning obligations. Outcome for shareholders is unknown.

bankruptcy or receivership

ASX suspended Triangle's shares immediately, ruling its financial condition inadequate to justify quotation and that it breaches Listing Rule 12.2. This follows the voluntary administration announced the same day. Suspension continues until ASX is satisfied the company complies.

listing compliance notice

Triangle shares suspended at its own request. It cannot yet update the market on the Cliff Head sale because Pilot entered voluntary administration on 14 July 2026. Triangle is seeking advice as seller and secured creditor. Suspension runs to 21 July or an announcement.

listing compliance notice

Strike and Echelon have transferred their interests in L7 and EP 437 back to Triangle, which now holds 100% of both. Claims against them continue in court. Triangle will seek new partners. Resolves the partners' withdrawal but leaves Triangle carrying the permits alone.

joint venture update

The Tetragon in-specie distribution was completed: 19,700,408 shares went to Triangle shareholders, with a A$2.09M capital reduction. Option exercise prices were cut by about A$0.001. Triangle's Philippines permits now sit outside the company. Completion date is later corrected.

asset acquisition disposition

From 1 May 2026, COO Rory McGoldrick becomes CEO on A$300,000 a year, and Managing Director Conrad Todd moves to Tetragon as MD and becomes a non-executive director of Triangle. Follows the Tetragon spin-out.

director officer appointment

Triangle plans to spin out its Philippines permits (SC-80, 81, 82) into Tetragon Energy, distributed free to shareholders at about 1 Tetragon share per 112 Triangle shares. Triangle adds A$1.5M seed capital; Tetragon plans an A$4M minimum IPO at A$0.20. Needs shareholder vote and ASX approval.

asset acquisition disposition

Triangle has sued Echelon's subsidiary Acacia (L7) in the WA Supreme Court for breach of the farm-in agreement, claiming A$3.84M for its share of the third well. This mirrors the October action against Strike; negotiations failed.

joint venture update

Triangle has sued Strike's subsidiary Talon (L7) in the WA Supreme Court for breach of the farm-in agreement, claiming A$3.84M, Strike's share of the third well cost. This follows Strike's June withdrawal and failed negotiations; it turns the dispute into litigation.

joint venture update

Triangle awarded onshore Luzon permit SC-82 (Cagayan Basin) with 100% interest, resolving the pending NA-11 award. It holds the Nassiping-2 gas discovery. Work commitment: US$425,000 in the first two years, with later phases discretionary (well est. US$5.9M). Partners to be sought.

regulatory community update

Triangle awarded offshore Philippines contracts SC-80 and SC-81 in the Sulu Sea, as operator with 37.5%. This resolves the pending presidential approval of the BARMM blocks. SC-80 holds two gas discoveries with 470 Bcf 2C contingent (176 Bcf net), per a 2018 previous-operator report.

regulatory community update

Operator Athena's review of UK permit P2628 (Triangle 50%) lifts Cragganmore gas contingent resources to 683 Bcf mid case (499–929 Bcf), 342 Bcf net to Triangle. Seven further prospects add 1,490 Bcf mid case prospective resources gross. Resource upgrade, not a drilling result.

resource reserve update

Binding documents signed for the Cliff Head onshore sale to Pilot, which has relisted and raised over A$5M. Pilot issued a A$5.563M secured note due 30 September 2026 at 10% interest (about A$6.6M total), plus A$167k in August. Further A$4.5M on injection licence and up to A$7.5M royalties.

asset acquisition disposition

Strike and Echelon, each holding 25%, are withdrawing from the L7 and EP 437 permits and will not fund the third well their 2023 farm-outs required. Triangle, 50% and operator, will seek new partners and is considering its position under the farmout and operating agreements.

joint venture update

Becos-1 is a dry hole, plugged and abandoned at 1,107m, after finding only a 2m low-porosity gas sand and weak gas shows in the Bookara. Second failed Perth Basin well after Booth-1. Triangle cites cash and up to A$18M from the Cliff Head sale.

drilling result

Becos-1 began drilling on 12 April 2025, with Triangle operator at 50%. Target is 1–21 MMbbl (5 MMbbl best) at 20% chance of success, planned depth 1,164m, with logging expected around 20 April. This is the second well of the Perth Basin campaign after dry Booth-1.

drilling spud

Triangle agrees a binding term sheet deferring Cliff Head payment to 30 September 2026. Pilot issues a A$5.563M secured note at 10% interest (about A$6.6M total) plus A$167,000 on 31 August 2025, and keeps paying operating costs. Subject to formal agreement and Pilot raising at least A$5M. Replaces the missed instalments.

asset acquisition disposition

Pilot missed the second payment of A$832,912 plus interest, and is in voluntary suspension to 5 March while negotiating a capital raising. Pilot has funded about A$1.5M since 1 January and A$5.7M since August 2024 of Cliff Head costs. Triangle has A$10.89M cash and no debt.

asset acquisition disposition

Pilot failed to pay the first A$0.9M due under the 2 December term sheet, which Triangle now treats as a debt due immediately. Triangle reserves its rights. The A$4.85M instalments from February 2025, A$4M and royalties still follow on paper. Second missed Pilot deadline.

asset acquisition disposition

Pilot missed the 29 November payment, so Triangle and Pilot sign a new binding term sheet. A$0.9M is due 17 December 2024, then A$4.85M in five monthly payments from 15 February to 15 June 2025. The missed payment rose to A$5.75M; A$4M and royalties still follow.

asset acquisition disposition

Triangle signs Silver City Rig 24 for Becos-1, but the rig does workovers first, so the well slips to end March 2025. Target is 1–21 MMbbl (5 MMbbl best) at 20% chance of success; the well is expected to take about 12 days. Triangle says it is fully funded.

contract award

Cliff Head sale timing changes again: A$6.5M cash due in stages from 18 October to 29 November 2024 (A$0.4M, A$2M cost reimbursement, A$4.1M plus interest), then A$4M on injection licence and up to A$7.5M royalties. Pilot pays Cliff Head running costs from 15 October.

asset acquisition disposition

The environmental plan for Becos-1 is approved, clearing the way to drill once a rig is secured; a rig decision is expected within weeks. Target is oil, with 1–21 MMbbl gross prospective resources (5 MMbbl best) and 25% chance of success. Resolves the permit thread.

regulatory community update

Booth-1 reached 2,812m and found no moveable hydrocarbons in any target, a dry hole, ending the 279 Bcf best-estimate prospect. It was drilled ahead of schedule and below budget. Triangle now turns to Becos-1 and reassesses the third-well options in L7.

drilling result

Booth-1 has spudded in L7, the first well drilled in Triangle's permits in 30 years. Target is gas with 279 Bcf best-estimate gross potential, to 2,900m measured depth in about three weeks. This starts the drilling campaign flagged in the capital raisings.

drilling spud

Triangle raised A$4M through a placement of about 266.7M shares at 1.5c, an 11.8% discount to the last close, with one free option (2.5c, expiring June 2025) per share, subject to approval in mid-September. Funds go to Perth Basin drilling and working capital.

capital raising announcement

Revised Cliff Head sale to Pilot lifts total consideration to up to A$16M: A$4.5M for Arrowsmith land and facilities (mid-Oct to 31 Dec 2024), A$4.0M on injection licence, up to A$7.5M royalties. Production stops (non-production phase) from August 2024; Pilot reimburses costs from 1 August.

asset acquisition disposition

The federal minister approved the Cliff Head carbon storage declaration, satisfying a key condition of the sale of Triangle's 78.75% to Pilot. Triangle is to receive A$3M cash, A$4.5M on the injection licence and up to A$7.5M royalties. Transfer still needs regulator approval.

asset acquisition disposition

Triangle has contracted the Ventia 106 rig to drill Booth-1 in L7 in late June–July; Booth has 279 Bcf best-estimate gross gas potential. Triangle's share of the well cost is under A$1.5M. Becos, the second well, is expected in the September quarter, subject to approvals.

drilling scheduled

The entitlement offer closed oversubscribed, raising A$1.52M by issuing 94.8M shares at 1.6c, with 47.4M free options (2.5c, expiring June 2025). This completes the A$6.5M raising begun with the February placement; funds go to Perth Basin drilling and working capital.

capital raising announcement

Triangle has firm commitments for a A$5M placement at 1.6c per share, a 15.8% discount to the last close. A further entitlement offer of up to about A$1.5M follows on the same terms, with attaching options. Funds go to Booth and Becos drilling; drilling is now planned for Q2-Q3 2024.

capital raising announcement

A 50/50 joint venture with Orcadian Energy (operator) is offered a licence over nine UK Central North Sea blocks. The top two gas prospects, Glenlough and Breckagh, hold 269 Bcf best-estimate gross prospective resources. This adds a second UK asset; the work program is still to be agreed with the regulator.

asset acquisition disposition

Triangle's interpretation of the Bookara 3D seismic identifies 12 new oil prospects in L7 and EP 437; the 11 in L7 total 36 MMbbl best estimate gross (18 net to Triangle). Adds oil potential to the existing Booth gas prospect (279 Bcf). Drilling targeted mid 2024; Triangle's share of first three wells est. A$4M.

resource reserve update

NZO confirms regulatory approvals are received and its farm-in to 25% of L7 and EP 437 is complete. This clears the approvals outstanding since the March agreement; Triangle remains 50% operator with Talon 25%. Drilling is still planned for 2024.

farm in farm out completion

A 50/50 joint venture of Triangle and Athena (operator) is offered five UK West of Shetland blocks containing the Cragganmore gas discovery (best-case 527 Bcf gross, 263 Bcf net to Triangle). It adds a UK asset to the Perth Basin portfolio; the work program is yet to be finalised.

asset acquisition disposition

The L7/EP 437 joint venture (Triangle 50%, Talon 25%, NZO 25%) has ordered casing and wellheads for two wells, with Booth (gas, mid-case 279 Bcf) first and Becos (oil, 5 MMbbl) second. Farm-in transfers are approved. No rig date is set yet.

drilling scheduled

Triangle agrees to sell its 78.75% of Cliff Head to Pilot, replacing the October 2022 60/40 deal. It receives A$3M on the storage declaration, A$4.5M on the injection licence, and up to A$7.5M in royalties, about A$15M in total. Completion is expected early 2024, with Triangle refocusing on Perth Basin exploration.

asset acquisition disposition

First interpretation of the Bookara 3D seismic high-grades four drilling prospects for 2024: three gas in L7 (Booth, Huntswell Deep, Mountain Bridge South, combined best estimate 393 Bcf gross) and one oil in EP 437 (Becos, 5 MMbbl best). Unrisked estimates, considered moderate risk.

resource reserve update

Triangle signs the binding NZO farmout agreement for 25% of L7 and EP 437, completing the January term sheet; only regulatory approvals (DMIRS, FIRB) remain. NZO pays A$1.9M for seismic, A$9.96M in total. With Talon, this recovers all Bookara seismic cost; drilling is now targeted for first half 2024.

farm in farm out completion

Triangle signs the binding farmout agreement with Talon for 25% of L7 and EP 437, with all conditions satisfied. Talon pays the first A$1M of its seismic share. This completes the term sheet of December 2022. Drilling is estimated for early 2024.

farm in farm out completion

Triangle signs a second binding term sheet, farming 25% of L7 and EP 437 to New Zealand Oil & Gas, taking Triangle to 50% and operator. NZO pays A$9.96M in total. With Talon, this covers all seismic cost and nearly all of Triangle's drilling costs; first L7 well planned Q1 2024.

farm in farm out agreement

Triangle signs a binding term sheet farming 25% of L7 and EP 437 out to Talon, keeping operatorship and 75%. Talon pays A$1.9M of seismic cost plus well shares, A$9.26M in total. Drilling expected early 2024. Begins the search for a farm-in partner noted earlier.

farm in farm out agreement

The Cliff Head JV lodged its NOPTA application for a greenhouse gas storage declaration and raised the 2C contingent CO2 storage resource about 50% to 9.7 million tonnes (100%). A declaration would trigger the Pilot 60%/Triangle 40% restructure. Capex guidance stays at about A$110M.

resource reserve update

Triangle sells 24M State Gas shares at 28 cents for A$6.72M, about half its holding, to Regal-managed funds and St Baker family members. It keeps 10.1% after dilution. Proceeds are said to fund L7/EP 437 drilling decisions and new ventures.

asset acquisition disposition

Triangle and Pilot sign the deed formalising the April term sheet, but with new terms: Pilot 60% and Triangle 40% of Cliff Head, not 57.5/42.5. Conditional on a NOPTA storage declaration; Triangle may withdraw, and pays Pilot A$1M when an injection licence is granted.

joint venture update

Triangle completes the purchase of Key's 50% of L7 and 86.94% of EP 437, and buys back the 5% royalty. With Pilot's 13.058% of EP 437 it will hold 100% of both. Bookara seismic processing is due Q4 2022; drilling is expected early 2024.

asset acquisition disposition

Cliff Head's first export via Geraldton: 24,500 bbls loaded on the tanker AB Paloma, with another 25-30,000 bbls to follow in about six weeks before sailing to Singapore. This opens the replacement route after Kwinana ended. CH10 workover resumes late July, finishing late August.

production update

The final Kwinana lifting on 8 May sold 139,992 bbls at US$105.2 plus tank bottoms, totalling US$15.4M (A$21.3M) to the JV. A$16.8M goes to Triangle. This resolves the expected sale and funds the CH-10 workover and seismic.

production update

The Bookara 3D seismic survey over L7 and EP 437 is complete, on time and on budget. A fast-track data cube will allow early interpretation. The 617 Bcf gas and 19 MMstb oil prospective resources are unchanged; drilling is targeted late next year.

drilling result

Triangle raises A$3.5M via a placement of about 269M shares at 1.3 cents, a 13.3% discount, with one attaching 2.5c option per two shares subject to approval. Funds go to the CH10 workover, export route and seismic. Directors take A$115,000.

capital raising announcement

3D seismic survey over L7 and EP 437 starts, with recording due early May; the contract was signed with Terrex on 15 April and is said to be fully third-party funded. Triangle also signs to buy Pilot's 13.058% of EP 437, a first step toward 100%.

drilling progress report

Triangle and Pilot sign a binding term sheet to realign Cliff Head to Pilot 57.5% and Triangle 42.5% (from 78.75%/21.25%), with Pilot becoming operator. It supports a carbon storage project targeted for 2025, subject to NOPTA declaration; Triangle says it defers abandonment liability.

joint venture update

Cliff Head JV approves A$2.35M to refurbish two Arrowsmith tanks, taking storage to 30,000 bbls, and signs a Port of Geraldton agreement. Oil will be trucked to Geraldton for export after Kwinana ends in April. About 140,000 bbls at Kwinana are to be sold in May.

material agreement

Triangle lifts L7 prospective resources to 617 Bcf gas (best, 100%, from 165 Bcf) plus 19 MMbbl oil. Net to Triangle's 50% is 309 Bcf and 10 MMstb. Unrisked, undiscovered estimates, and a farm-out partner is sought.

resource reserve update

After a strategic review, new management says Cliff Head makes 535 bopd (expected 690) and about 139,000 bbls should be sold in May for roughly US$14M gross (US$11M net to Triangle at US$100 oil). Two Geraldton trucking export options remain. Triangle agrees to lift TP 15 to 60%, subject to approval.

other

Greg Hancock becomes Non-Executive Chairman and Conrad Todd becomes Managing Director on a A$335,000 base salary with six months' termination notice. Mike Collins stays as non-executive director. Settles who leads after the board overhaul.

director officer appointment

Greg Hancock, Conrad Todd and Mike Collins join the board and Henko Vos becomes company secretary. Chairman Monckton, directors King and Carpenter and secretary Rowe resign. The entire board is replaced, after Towner and Wong left on 8 February.

director officer appointment

Long-serving MD and CEO Robert Towner (in the role since July 2014) resigns, as does director Wai-Lid Wong after Tamarind ceased to be a substantial shareholder. Interim CEO candidates are being discussed. Board shrinks to three.

director officer appointment

Pilot terminates the sale of 78.75% of WA-481-P to Triangle, saying the NOPTA approval condition was not met by the cut-off date. The wind and solar joint venture also falls away. NOPTA had said Triangle had not shown sufficient financial resources.

material agreement termination

On 4 January 2022 NOPTA said it intends to refuse the transfer of WA-481-P. Triangle and Pilot have until 4 March 2022 to make submissions. Triangle says the Pilot agreement stays in place, with the outcome uncertain and no timing forecast.

regulatory community update

BP Kwinana will not extend the storage agreement beyond 22 April 2022, so the BP Singapore offtake also ends after the April 2022 lifting. Triangle is weighing alternatives, including the refinery idea. US$8.1M from the first lifting has been received.

material agreement termination

Triangle starts a FEED study for a proposed 5,000 bpd modular renewable fuel refinery near the Arrowsmith plant, with Plant Process Group as contractor. FEED is due by Q1 2022, with first production targeted Q1 2024. This follows the earlier refinery feasibility plans and marks a diversification move.

material agreement

Cliff Head reserves, withdrawn in November 2020 after the BP Kwinana news, are reinstated at 30 June 2021: net 2P of 0.81 MMstb, because the BP Singapore offtake gives a basis for them. 2C contingent resources are 3.47 MMstb, with a new Western Development estimate.

resource reserve update

The first lifting under the BP Singapore deal, 107,000 bbls on 26 October 2021, will bring the joint venture about A$10.7M around 25 November. A further A$1.1M is due for 10,900 bbls sold in April 2021. Management says the stockpiling gained about US$1.0M.

production update

A binding offtake deal is signed with BP Singapore to buy 100% of Cliff Head crude at a fixed discount to Brent, FOB Kwinana. It turns the April 2021 non-binding term sheet into a contract, with the first lifting expected October 2021.

material agreement

The CH-6 workover finished and the well returned to production on 23 August 2021, after being shut in since June 2020. It is expected to stabilise near 120 bopd, lifting Cliff Head to about 850 bopd. Recovered equipment showed no visible corrosion.

production update

Triangle reports its first prospective resource estimate for Mt Horner L7: 24.5 MMstb gross oil (15.9 MMstb net at 50%) across 18 prospects and leads, plus 165 bcf gross gas (83 bcf net). Bookara 3D seismic is planned for December 2021/January 2022; the Key purchase is not yet complete.

resource reserve update

Work begins 30 June 2021 on the CH-6 workover, shut in since June 2020 after a pump failure and a failed replacement attempt in October 2020. Restart is expected by end July, adding about 120 bopd, alongside a CH-11 water injector intervention.

production update

Triangle has firm commitments for a A$10M placement at A$0.022 per share, with one free option (A$0.035, two years) per two shares. Up to 454.5M shares; funds go to the CH-6 workover, seismic planning, a refinery feasibility study and a Cliff Head future fund. Cash was A$3.11M in March.

capital raising announcement

Triangle and Pilot signed the WA-481-P joint venture and Cliff Head Wind & Solar agreements. Remaining conditions for Triangle's 78.75% purchase are regulatory approvals and Murphy Oil's consent. Pilot's shareholder vote on its Royal Energy purchase is 28 May 2021.

joint venture update

Triangle signed a binding one-year storage agreement with BP Kwinana for Cliff Head crude, plus a non-binding term sheet for BP Singapore to buy all output at a fixed discount to Brent. This replaces the ended supply deal, but the offtake is not yet binding.

material agreement

Triangle re-confirms its 29 Oct 2020 Cliff Head resource estimates, with no material change: net 2.97 MMstb contingent and 7.30 MMstb prospective (best estimates, 78.75% share). Reserves stay withdrawn pending oil marketing outcome. Farmout talks continue; satellite wells target 1H 2022.

resource reserve update

BP pushed the supply termination date to 22 March 2021 and amended the agreement to buy Cliff Head crude on the same pricing as a proposed offtake agreement. Terms are still under negotiation, with no certainty of a binding contract; talks with marketers continue.

material agreement

Triangle will buy Key's 50% of Mt Horner L7 (taking it to 100%) and 86.94% of EP 437 for A$600,000 plus a 5% royalty, ending the earlier dispute and farmout. It also raised A$1.19M at A$0.021 per share (56.4M shares), a 21.36% discount to the 15-day VWAP.

asset acquisition disposition

The US$1.02M of Pase escrowed funds was released to Triangle as cleared cash, so the Singapore arbitration is being withdrawn. This resolves a debt owed since the 2016 sale. Triangle keeps its 5% Pase royalty rights.

asset acquisition disposition

BP gave formal notice terminating the Crude Oil Supply Agreement for Cliff Head crude, effective 16 February 2021. Triangle continues to deliver until then and is talking to crude marketing firms about alternative buyers. This turns BP's closure plan into a firm deadline.

material agreement termination

CH-7 returned to production on 28 November after a workover finished ahead of schedule and under budget, lifting Cliff Head to about 825 bopd. The CH-6 workover is suspended after the old pump could not be retrieved; resumption targeted Q1 2021, missing the year-end restart goal.

production update

Triangle agreed to buy 78.75% and operatorship of offshore Perth Basin permit WA-481-P (8,605km2, next to Cliff Head) from Pilot for A$300,000 plus carrying Pilot's costs up to A$1.22M. It also forms a wind and solar JV (Pilot 80%, Triangle 20%). Cut-off 15 March 2021.

farm in farm out agreement

BP plans to stop fuel production at Kwinana and become an import terminal, and Triangle sells Cliff Head crude there. BP will keep operating for many months and no termination notice has come, but Triangle withdrew its 29 October reserves and resources figures until the economics are confirmed.

material agreement

A reserves review, validated by RISC Advisory, put Cliff Head 2P reserves at 1.13 MMstb net to Triangle at 30 June 2020, with economic life to mid-2026 (earlier 1.71 MMstb gross-basis figure from 2019). A farmout was started for West High, SE Nose and Mentelle Updip drilling, targeted for 1H 2022.

resource reserve update

The share purchase plan drew applications of A$4.93M at A$0.03. Triangle accepted oversubscriptions up to the 30% limit, raising A$3.91M for 130.2M shares, well above the A$1M target. Funds go to the CH6/CH7 workovers, drilling prospects and working capital.

capital raising announcement

Triangle raised about A$2.2M through a placement of 73.35M shares at A$0.03, an 18% discount to the 5-day VWAP, plus a planned share purchase plan of up to about A$1M. Funds go to CH6/CH7 workovers (about 400 bopd) and drilling planning; shares on issue rise to 434.1M.

capital raising announcement

Triangle says Key Petroleum disputes its work program and budget for Mt Horner L7 and issued its own plus a cash call. Triangle rejects this, including any claimed deemed withdrawal, and has started formal dispute resolution over its right to earn a 50% interest.

joint venture update

The BANI arbitration tribunal rejected in full the claim by PDPA over the Pase concession and ordered PDPA to pay Triangle's costs of about A$47,380. This resolves the claim (about A$1.1M plus A$4.8M) that Triangle said it would defend.

other

Cliff Head wells CH6 and CH7 were shut in on 17 June 2020, CH6 for an electric submersible pump failure and CH7 for precautionary integrity testing. Triangle expects about 590 bopd from the other wells, down from roughly 970 bopd, and has brought forward its FY2021 workovers.

production update

Cliff Head Renewal Project completed: 2C contingent resources of 3.52 MMstb gross (2.77 net) and prospective resources of 9.46 MMstb gross. Mentelle Updip upgraded to 5.2 MMstb from 3.3, with 38% chance of discovery. Three drilling targets identified; drilling timing depends on oil price.

resource reserve update

Cliff Head back at a steady 970 bopd. With oil prices very low, Triangle cut supplier costs, deferred A$2.5M of capital spending and deferred 30% of executive and director pay from 1 May. It expects lifting costs of about US$15.40/bbl for the rest of the year.

production update

Cliff Head production was shut down on 24 February 2020 after an electrical fault found during routine maintenance at the platform. No risk to staff safety; return to production expected in two to four weeks. This halts the field's roughly 1,000 bopd output.

production update

CH-13 returned to production on 13 December 2019 after its pump was replaced, later than the November return previously targeted. Field output was 970 bopd, with CH-13 at 150 bopd, and was expected to exceed 1,000 bopd.

production update

Marvin Chan, who joined in February 2019 as Finance Manager, becomes CFO. Darren Bromley resigns as director and CFO/COO after about 10 years, staying part time as Commercial Advisor. His AGM re-election vote was withdrawn.

director officer appointment

Operator Norwest says the new 40km2 Xanadu 3D seismic shrinks the updip area north of Xanadu-1, so commerciality there is likely marginal. The downdip area has more potential but is high risk. Contingent Resources are not yet determined; further studies are needed. Triangle holds 45%.

drilling result

The last condition, landowner consent, was met and the Mount Horner L7 farmout completes from 7 October 2019. Triangle must submit a work programme within 45 days, with at least 50 km2 of 3D seismic and two wells within 24 months, to earn 50%. It funds up to US$3M.

farm in farm out completion

Key Petroleum gave notice purporting to terminate the Mount Horner L7 farmout from 23 September 2019, citing missing landowner consent. Triangle is taking legal advice and will vigorously defend its rights. This put the long-delayed farmout at risk.

material agreement termination

Triangle raised A$3.6M through a placement of 48M shares at A$0.075, lifting shares on issue to 360.75M (about 13.3% new). Funds go to the CH-13 pump replacement, Cliff Head Renewal Project working capital and general working capital.

capital raising announcement

Near-field targets at Cliff Head were upgraded from prospective to contingent resources: West High 1.42 MMstb (2C, gross) and SE Nose. Investment decisions are planned for December 2019, with drilling in Q4 2020/Q1 2021. Follows the July 2018 prospective estimates.

resource reserve update

Acquisition of the Xanadu 3D seismic survey in TP/15 finished on 11 July. Processing is under way, with final interpreted results due by October 2019, and will shape the appraisal well decision. Triangle owns 45%.

drilling result

Triangle repaid the Tamarind loan in full, US$1,383,253.65, before the 30 June 2019 due date, using cashflow and intercompany loan funding. This resolves the open loan thread.

debt financing

Non-executive director Tim Monckton, a Baillieu Holst stockbroker, became Chairman, replacing Ted Farrell after nearly five years; Farrell stays on as a director. The company says the board was reviewed as it moved from a single asset to several.

director officer appointment

Cliff Head well CH13 stopped producing after a downhole pump fault. Output is expected to settle near 750 bopd from the other four wells, down from the roughly 900 bopd seen in early February after the January workovers.

production update

Cliff Head well CH07 is back on production after a workover with a new pump, stabilising at about 180 bopd. Field output is back above 1,000 bopd (100% JV basis) from all five wells, up from 397 bopd in the September quarter, closing the CH07 workover thread.

production update

Triangle issued 11,191,052 consideration shares to Whitebark for the extra 15% of TP/15 (Xanadu), plus the entitlement offer shares (69.36M shares in all). Only PSL Act section 81 approval is outstanding. Consideration shares are escrowed to 13 May 2019; Tamarind now holds 19.9%.

asset acquisition disposition

The partially underwritten entitlement offer closed with the full 58.16M shares to be issued at A$0.065. Valid applications were 25.9M entitlement shares plus 9.2M extra, scaled back to 5.2M, as 27.0M go to the underwriter and sub-underwriters. Tamarind will hold 19.9%.

capital raising announcement

The entitlement offer's underwriting was cut from fully underwritten A$3.78M to partially underwritten up to A$2.78M after the original underwriting was terminated when Brent stayed below US$65. Closing moves to 13 December; applications are refunded and must be resubmitted; price stays A$0.065.

capital raising announcement

Triangle raises A$1.25M via a placement at A$0.065 per share (an 18.8% discount) plus a fully underwritten 4-for-15 entitlement offer for about A$3.78M, totalling about A$5.03M. Funds go to the extra 15% of Xanadu, Cliff Head workovers and working capital. Tamarind paid the A$2M upfront for the Xanadu purchase on Triangle's behalf, to be offset against its entitlement offer commitment.

capital raising announcement

Triangle signed a farmout with Key Petroleum to earn 50% of the Mt Horner L7 onshore Perth Basin licence. It must fund the first US$3M of a 3D seismic and two-well program. The field produced about 1.7M bbl before shut-in in 2011. Subject to approvals.

farm in farm out agreement

Triangle agreed to buy Whitebark's 15% of TP/15 (the Xanadu oil discovery permit), lifting its interest from 30% to 45%. Upfront price is A$3M (A$2M cash plus 11.19M shares worth A$1M), with A$1M more on reserves above 8M bbl and A$1M on first oil. Completion needs approvals.

farm in farm out agreement

Cliff Head production resumed on 10 August 2018 after platform inspections and NOPSEMA approval, ending the shut-in that began with the 24 July spill. No hydrocarbons were found in the marine environment.

production update

Production at Cliff Head was interrupted on 24 July 2018 when a cracked flow meter on well CH6 in severe weather leaked produced fluid. It is classed a Level 1 spill (0-10,000 litres), at the lower end; Triangle expects negligible environmental impact. Wells were shut in.

production update

Triangle's operating affiliate became Registered Operator of Cliff Head on 17 July 2018, after regulators approved two safety cases. This ends reliance on a third-party contractor, completing the planned move to in-house operatorship, and Triangle expects cost savings and better margins.

regulatory community update

Static model shows up to 29M bbl of prospective oil in place in seven near-field targets at Cliff Head, equal to 10.2M bbl best-estimate prospective resource (unrisked). Chance of success is 13.3% to 33.3%; drilling is planned in 2019.

resource reserve update

Triangle finished static modelling of Cliff Head, indicating possible extra resources and reserves in already producing reservoirs. Recovery to date is 28% (15.8M bbl produced), potentially 35-40%. No volumes booked yet; dynamic modelling is due around August 2018.

resource reserve update

Triangle repaid US$1.0M of the Tamarind loan from operating cash flow and extended the facility to 30 June 2019, resolving the 30 June 2018 repayment deadline. Balance is US$1.259M; interest stays 10% a year, secured over all assets, up to US$2.259M.

debt financing

Jason Peacock and Wai-Lid Wong are appointed non-executive directors to add operating experience. Both work for Tamarind, which lent Triangle US$2.26M in January and is now its largest shareholder, tying the board closer to that lender.

director officer appointment

Triangle commits A$5.5M from cash flow to a 2018 Asset Life Extension Program for Cliff Head and Arrowsmith, remodelling the reservoir to find undrained oil. A reserves review is due in Q2 2018; management expects 2.5M barrels from existing wells.

production update

Tamarind converted the remaining US$775,976 convertible loan at A$0.04, receiving 25.29M new shares. This clears that debt from the balance sheet, resolving the March 2018 convertible thread, and raises Tamarind's stake. 11.16M fee options at A$0.15 were also issued.

capital raising announcement

Tamarind provides a further advance loan of US$2.26M, repayable by 30 June 2018, for the pipeline replacement and working capital. Terms: 10% interest, US$120k fee, charge over all assets, and 11.16M options at A$0.15. The existing US$776k convertible stays at A$0.04, expiring 31 Mar.

debt financing

First oil analysis of Xanadu-1 shows 34.7° API crude, no H2S and 0.02% CO2, similar to Cliff Head oil and processable at Arrowsmith. Early data suggest oil also lies down-dip; a first-half 2018 appraisal program is being planned. Resolves the delayed assay thread.

well test result

State Gas closed its first ASX trading day at A$0.35, up 75% on the A$0.20 IPO price, valuing it at A$47M. Triangle's 35.47% stake is worth about A$16.7M at that price, versus A$9.577M at the issue price.

asset acquisition disposition

State Gas's ASX admission is brought forward to 10 October 2017. Its A$5.25M IPO at A$0.20 was well oversubscribed. Triangle will hold 35.47% (A$9.577M at the issue price), and Rob Towner joins the State Gas board. Completes the spin-out thread.

asset acquisition disposition

Logs and oil samples confirm an oil discovery at Xanadu-1: three sands with 41-66% oil saturation, 4.6 m net pay in the top sand, and oil pumped to surface. An up-dip side-track is planned. Resolves the Xanadu-1 result thread; Triangle holds 30%.

drilling result

Triangle confirms the Xanadu-1 oil discovery, the first in the offshore Perth Basin since Cliff Head over 15 years ago per management. Xanadu lies 14 km from Cliff Head and the Arrowsmith plant, which has spare capacity (about 1,200 of 15,000 bopd used). An up-dip side-track is planned.

drilling result

Triangle plans a placement of about 16.398M shares at A$0.09 to raise about A$1.475M, led by DJ Carmichael, for exploration, drilling and working capital. The price is below the recent A$0.13 trading level (from the earlier context). The announcement lifts the trading halt.

capital raising announcement

Operator Norwest reports Xanadu-1 reached total depth of 2035 m (planned 1863 m) and intersected hydrocarbon-bearing reservoirs, with gas readings, oil shows and fluorescence. Wireline logging follows. Triangle's 30% share is unchanged. Early positive indication, not yet a confirmed discovery.

drilling result

Triangle spins out Reids Dome into State Gas, which is seeking an ASX listing via a A$5.25M IPO at A$0.20 per share. Triangle will hold 35.47% (worth A$9.577M at the issue price) and gets a A$1M priority offer for its holders. Trading is expected around 17 October. Moves Reids Dome from 60% held directly to an indirect stake.

asset acquisition disposition

Xanadu-1 spudded at 3pm on 4 September 2017, about 11 days ahead of the original forecast. Planned depth is about 1863 m, taking roughly 23 days. Triangle holds 30% of the 160 MMbbl oil prospect. Resolves the spud-date thread.

drilling spud

Malaysia's T7 Global buys 16.476M Triangle shares (9.86%) from Tamarind for US$500,000. Tamarind converted US$439k of its loan at A$0.04 to supply the shares, leaving US$776k owed. This partly resolves the conversion thread; new shares were issued to Tamarind.

capital raising announcement

Norwest, as operator, says Xanadu-1 is scheduled to spud in the second half of September 2017, after AWE's Waitsia program. Long-lead items are bought and service contracts are being finalised. Triangle holds 30% of the 160 MMbbl prospect. This gives a firmer date than earlier 'second half of 2017'.

drilling scheduled

Triangle and Royal complete the purchase of ROC's 42.5% of Cliff Head, taking Triangle to 78.75% and operator. Triangle paid US$1.875M (A$2.5M), with about US$1.2M cash flow benefit since 1 January 2017. Triangle's total Cliff Head interest has cost about A$5.7M. Resolves the 31 March deal.

farm in farm out completion

Triangle and Royal Energy agree to buy ROC's remaining 42.5% of Cliff Head for US$3.75M (Triangle US$1.875M), lifting Triangle to 78.75% and operator, with Tamarind to run it. Funded by a US$1.215M Tamarind convertible loan (10%, convertible at A$0.04) and cash. Settlement is expected by 31 May 2017.

asset acquisition disposition

The TP/15 joint venture is now fully funded after Norwest farmed the last 40% to 3C Group, meeting the 15 February deadline. Triangle will earn 30% by paying 40% of Xanadu-1 costs. The 160 MMbbl prospect's drilling timing depends on approvals and rig availability.

farm in farm out completion

The Hong Kong arbitration over the MonTerra dispute (Pase-era adviser contract terminated April 2015) went against Triangle. The award was received 5 December 2016; the amount is not stated in the text. Triangle is weighing appeal or settlement and says more will follow.

other

Norwest Energy signs a termsheet for Triangle to earn 30% of offshore permit TP/15 by funding 40% of the Xanadu-1 well, which targets 160 MMbbls of unrisked prospective resource. Farmout is due by 31 December 2016, otherwise Triangle has no interest.

farm in farm out agreement

Triangle announces its conditional farm-in to TP/15 to earn up to 30% by paying 40% of Xanadu-1 well costs, with cost caps. Not binding until Norwest completes the joint venture, expected December 2016. A$25,000 refundable payment made. Drilling planned 2017.

farm in farm out agreement

Triangle completes the purchase of the 57.5% Cliff Head interest from AWE for A$3,214,276 plus the royalty. This makes it a hydrocarbon producer again after selling Pase in February 2016. Roc Oil keeps 42.5% as operator.

asset acquisition disposition

Triangle agrees to buy AWE's 57.5% of the producing Cliff Head oil field (Perth Basin) for A$3,214,276 plus a US$5/bbl royalty on sales above US$70/bbl. Output is about 1,300 bopd gross, with 3.8 million barrels of 2P reserves. Funded from cash.

asset acquisition disposition

Triangle completed the Pase PSC sale to Enso Asia Inc., a PTEA nominee, for US$4.5M cash (less agreed deductions). It keeps up to US$7M cost recovery and a royalty capped at US$25M. This ends its operating role at Pase, and the cash funds a search for new assets.

asset acquisition disposition

Shareholders approved the Pase sale to PTEA, with 87.91% in favour of the 67.4% of capital that voted. Completion is expected in early January 2016. US$4.5M cash is due at completion, less PTEA loans, plus cost recovery and royalties.

asset acquisition disposition

Triangle accepts a new PTEA offer of up to US$39.9M (about A$55.5M), beating the consortium's US$32.4M. It includes US$4.5M cash, up to US$7M cost recovery and a royalty capped at US$25M. PTEA waives the government approval conditions. Directors recommend a vote in favour.

asset acquisition disposition

Triangle accepts a rival Pase offer of up to US$32.4M (about A$45.3M) from a Boustead-backed consortium, against up to US$10.5M from PTEA. It includes US$3.9M consideration, royalties and up to US$5M cost recovery. Directors withdraw their PTEA recommendation; shareholder approval is needed.

asset acquisition disposition

Pase sale terms amended after ASX's objection: break fee cut from US$5.0M to 1% of group equity value. PTEA advances become a secured loan if the deal fails, and the long-stop date moves to 6 November 2015. Aceh approval is granted; shareholder meeting expected mid-November.

material agreement

ASX says shareholders must vote on the Pase sale to PT Enso Asia (Listing Rule 11.2) and judges the US$5.0M break fee unreasonably high. ASX is unlikely to approve a meeting notice on current terms, so the 31 July deal must be renegotiated.

listing compliance notice

Triangle agrees to sell its 100% Pase PSC interest to PT Enso Asia for US$2.5M cash plus up to US$5.0M of future cost recovery. A US$5.0M break-up fee applies if the deal is terminated. It reverses the plan to develop Pase itself. The Goshawk ATP1186 farm-in was terminated in June 2015.

asset acquisition disposition

Placement raised A$200,250 at A$0.001 per share (200.25M shares), plus a Share Purchase Plan at the same price capped at A$600,000, up to A$15,000 each. Directors will participate. Proceeds go to the exploration programme, finishing the PSC extension, funding talks and working capital. Continues the 0.1c raisings of 2014.

capital raising announcement

SKK Migas confirmed the Pase PSC extended 20 years from 24 February 2012, awarded to Triangle and its Aceh Government partner. This resolves the long-running wait for a new PSC and lets exploration restart. Rob Towner becomes Managing Director and CEO, filling the gap left by Nuttall's April 2014 resignation.

regulatory community update

Indonesia's energy minister said the Pase block will be managed by Triangle's partner PDPA, with Triangle to be appointed operator for a further 20 years. This is the strongest sign yet on the long-awaited PSC, though formal award is still to come. The term is 20 years, not the 30 earlier expected.

regulatory community update

Triangle farms into ATP1186 in Queensland's Surat Basin from Goshawk E&P: 50% for A$73,830 of past costs plus 120M shares, rising to 75% after a four-year programme (105 km of 2D seismic, two wells). Its first diversification step; Goshawk also gets a consulting agreement.

farm in farm out agreement

The Pase plant has been shut in since 11 October 2014 for maintenance of Exxon's Arun plant, and stays shut because the export LNG contract expired. Output had fallen to about 0.8 mmscf/day. Triangle says cost cuts offset the lost revenue; the current extension runs to 23 February 2015.

production update

Raising completed at A$1.062M in total: A$188,019 from the rights issue, A$629,218 from placing the shortfall and A$245,000 from a placement of 245M shares, all at A$0.001. John Towner and Steve Hamer resigned; Robert Towner and Darren Bromley joined; Ted Farrell is chairman.

capital raising announcement

Notice to shareholders: the rights issue (up to A$817,237) plus a A$1M placement to sophisticated investors aims for about A$1.8M of working capital for 12 months. Placement could add up to 1 billion shares. Directors John Towner and Steve Hamer to retire, replaced by Robert Towner and Darren Bromley.

capital raising announcement

Triangle offers a non-renounceable rights issue of about 817m shares, one for every two held, at A$0.001 to raise up to about A$817,237. Not underwritten. Offer closes 23 June 2014. A far lower price than the 0.8c placement last September.

capital raising announcement

Triangle will drop its six Morocco exploration block applications, saying an ONHYM agreement is unlikely in the near term and no more resources will go to it. This ends the thread begun by the December 2012 letter of intent. It is now assessing other prospects.

material agreement termination

Triangle is raising A$1.5M through a placement of 187.5m shares at A$0.008 via CPS Capital, best endeavours. Funds go to working capital and fixing scale in the Pase A-1 well. Director participation needs approval at the November AGM.

capital raising announcement

Triangle agreed terms with Aceh-owned PDPA for joint venture company Aceh Pase Global Energy, 75% Triangle and 25% PDPA, to seek the new 30-year Pase PSC. It replaces the earlier 80/20 Aceh Global Energy vehicle, now dormant. The PSC is still not awarded.

joint venture update

The Aceh Government selected Triangle, the present operator, as its partner to operate the Pase Block after a seven-month tender. The government will now formalise this with the central government. Triangle operates until a new PSC is finalised; the PSC is not yet awarded.

regulatory community update

Triangle made the final US$770,295 payment on 7 January, fully redeeming the Standard Chartered convertible notes. Total repayments on the US$3.5M facility were US$3.93M, and the company now has no debt. Cash was A$2.605M at 31 December 2012. This ends the Tranche 2 prospect.

debt financing

Triangle signed a letter of intent with Morocco's ONHYM retaining six exploration blocks, 12,575 km2 onshore and 9,229 km2 offshore. Potential prospective resource is over 600 million barrels of oil in place and 140 Bcf of gas. It is non-binding; petroleum agreements remain to be negotiated, and it is a first move outside Indonesia.

material agreement

Triangle redeemed 1,881,019 of its Tranche 1 convertible notes for US$2.0M, a 15% annual return to Standard Chartered, leaving 1,619,762 notes. Standard Chartered also gets 27m options at A$0.01 for 2 years, subject to FIRB approval.

debt financing

Triangle registered Aceh Global Energy Pte Ltd in Singapore, owned 80% by Triangle and 20% by Aceh-government-owned PT Investa Aceh, as the vehicle to seek the new Pase PSC. This follows the April Investa Aceh agreement; the PSC is not yet awarded.

joint venture update

Triangle signed an exclusive memorandum of agreement with PT Investa Aceh, owned by the Aceh government, on future management and operation of the Pase area. Investa Aceh will seek a new PSC from the central government, changing the route from Triangle's own renewal.

material agreement

With the Pase PSC due to expire, regulator BPMIGAS told Triangle on 17 February 2012 to keep operating the block for six more months while a decision is made. The 20-year renewal sought since 2010 is not granted; a working agreement is being finalised.

regulatory community update

Standard Chartered Private Equity agreed to subscribe up to US$10m of convertible notes: US$3.5m now, US$6.5m later subject to shareholder, FIRB and PSC renewal conditions. Notes convert at A$0.03, pay 8%, mature in 3 years. Full conversion would give about 18.3%.

debt financing

Two Aceh district governments gave letters of support for the Pase PSC renewal, which expires February 2012; a presentation to the Aceh Parliament is set for 19 September. A-1 is back on production but shows formation damage, and A-2 has gas in the wellbore but needs reperforating.

regulatory community update

A-1 blockage at 6,600 feet was removed and the well cleared to 8,550 feet, opening an additional 1,900 feet of reservoir (earlier plan said 442 feet). A-2 could not be tested because lost circulation material is blocking the reservoir; clearing is planned.

drilling result

Work-over operations began at Pase A-2 on 22 June 2011, starting with drilling out cement plugs. A-2 was a 1984 Mobil appraisal well never produced; tests flowed a maximum 23.9 MMcf/d. This starts the program flagged since December 2010.

drilling spud

Share purchase plan at 5.5c per share, a 15.38% discount to the 6.5c close, capped at $3.6m with up to $15,000 per eligible holder. Funds go to the A-1 and A-2 work-overs and working capital. First raising since the Triangle deal.

capital raising announcement

Details of the 2011 work-over: A-1 will be cleared of a blockage, opening 442 feet of lower perforations, and A-2 re-completed with a new chrome string. BPMIGAS has approved it, with an acid treatment on A-1 within two months and operations targeted for early Q2.

drilling scheduled

Maiden dividend of 0.2316 cents per share, unfranked, record date 16 September and paid 30 September 2010. Full-year net profit of about $7m is forecast on revenue over $14m. First payout since the Pase acquisition.

dividend declaration

Guidance for the year to 30 June 2010: revenue of about A$12-14m and EBITDA of A$6-7m, attributed to the Triangle acquisition and unexpectedly strong gas from reconnecting three wells. Accounts are not yet audited.

other

Indonesian regulator BPMIGAS verbally confirmed the Pase PSC now expires 23 February 2012, not 11 February 2011, adding 377 days for ExxonMobil's earlier force majeure. A 20-year renewal application was lodged 5 February 2010. Formal notice is still to come.

regulatory community update

Pase A6 well, shut in for three years, restarted in October 2009 and made 5.5 MMCFD with no water in November. With A5 reconnected, capacity is 7.3 MMCFD. A water treatment pond is being built. Rob Lemmey becomes Indonesia country manager.

production update

Triangle Energy Limited acquisition completed. Shares were consolidated 3-for-1, consideration shares issued to vendors, and convertible notes converted into 92,000,000 shares. The company now has 1,275,264,540 shares and 21,666,666 options at 3c.

farm in farm out completion

Board handover completed: Wolanski and Christie resign, and Triangle's nominees Towner, Jacobs, Hamer and Johnson join with Sierakowski. Rae Clark replaces Mark Clements as secretary, and the registered office moves to Cottesloe. This follows the Triangle deal.

director officer appointment

Formal agreement signed to buy 100% of Triangle Energy Limited, owner of the PASE gas contract in North Sumatra (about 1.9 MMCF/D), for 1,018,300,000 post-consolidation shares. Triangle's directors would take over the board; shareholder approval is needed. This turns the company from a coal explorer into a gas producer.

business combination

Due diligence on the North Sumatra PASE gas asset is complete and a formal agreement is being prepared. Maverick will loan the vendor, Triangle Energy Limited, $400,000 (first $150,000 paid), funded by a $400,000 convertible note convertible into 40 million shares at 1c.

material agreement

Conditional heads of agreement to acquire a gas production asset in North Sumatra, Indonesia, subject to due diligence within 30 days, approvals and raising at least $1.5m. No price or vendor named; formal agreement is expected by end of July 2009.

material agreement

First-phase Loopleegte drilling: of eight percussion holes, six found no coal and two found coal (43 m and 10 m) on the eastern boundary. A fault displaces coal on the western half. A cored second phase is being considered, which tempers the earlier 120-240 Mt target.

drilling result

Company agrees to earn an initial 30% farm-in interest in the Loopleegte coal project in South Africa's Waterberg region, for 98.5 million shares (subject to shareholder approval), A$150,000 of vendor costs and A$550,000 of exploration over 18 months. Exploration target is 120-240 Mt, conceptual only; Christo Cordier becomes General Manager.

farm in farm out agreement

Maverick Drilling International, still in receivership under a deed of arrangement, offers 260 million shares at 1 cent to raise $2.6 million, plus 120 million shares at 0.5 cents ($600,000) and 65 million options to the proponent. Offers are conditional and not underwritten; this is a recapitalisation after the 2007 raising.

capital raising announcement

White Sands Petroleum, already in receivership and under a deed of company arrangement, offers up to 300,000,000 shares to raise up to USD 60 million, with the company to be renamed Maverick Drilling International. Offer price per the application forms is A$0.25 or US$0.20.

capital raising announcement