11 Mar 2020production update▲ Good
Cliff Head restarted on 10 March 2020, running at 950 bbl/d and expected to settle at 970 bbl/d. This resolves the 24 February electrical-fault shutdown, within the estimated two to four weeks.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2020half year report● Neutral
Half-year financial report for the six months to 31 December 2019 released. The visible text is the directors' report and overview; no financial figures appear in the extract provided, so results are not summarised here.
24 Feb 2020production update▼ BadMajor
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.
20 Feb 2020other● Neutral
ASX paused trading in Triangle shares pending a further announcement. No reason is given in the notice; the next announcement (24 February) reports a Cliff Head production suspension.
30 Jan 2020quarterly activities report● Neutral
December quarter: Cliff Head sold 73,663 bbls (801 bopd), revenue A$7.10M, lifting cost US$26.02/bbl. Cash fell to A$3.69M from A$5.48M, debt A$0.87M. State Gas stake worth about A$29.65M at A$0.62. Management calls the Xanadu seismic result disappointing but sees prospectivity west of Xanadu.
29 Jan 2020capital raising announcement● Neutral
The full shortfall of 24,574,182 options (A$0.12, expiring 30 September 2020) from the November option offer was placed on 29 January 2020, at A$0.001 each. Closes the option offer thread; total quoted options now about 72.15M.
20 Jan 2020security holder rights change● Neutral
11,155,908 unlisted options at A$0.15 lapsed on 19 January 2020 as scheduled. Remaining securities: 360.75M shares, 47.58M quoted options at A$0.12, 1.80M unlisted options at A$0.10, 0.4M performance shares. Administrative.
20 Dec 2019production update▲ Good
Cliff Head output is now above 1,000 bopd, with a steady-state 1,028 bopd on 18 December 2019. This follows CH-13 returning to production on 13 December, confirming the company's earlier expectation of over 1,000 bopd.
16 Dec 2019production update▲ GoodMajor
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.
2 Dec 2019capital raising announcement● Neutral
The option offer closed with applications for 47.58M options, raising about A$47,577, leaving a shortfall of 24.57M options. Directors may place the shortfall within three months. Allotment is expected 4 December.
20 Nov 2019security holder rights change● Neutral
Shareholders adopted a replacement company constitution by special resolution at the AGM. The announcement only attaches the document; no specific changes are described.
19 Nov 2019agm notice● Neutral
Chairman's AGM address. Says the Xanadu seismic result was less positive than hoped and a mid-2020 appraisal well is now unlikely. L7 work programme goes in this week. State Gas stake about A$36M. Otherwise repeats known points.
19 Nov 2019director officer appointment● NeutralMajor
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.
19 Nov 2019investor presentation● Neutral
AGM presentation repeats known figures: 2P reserves 1.71 MMstb, A$5.48M cash, Cliff Head renewal investment decision in December 2019, and State Gas stake about A$36.4M. Share price was A$0.054. No new operating information.
18 Nov 2019capital raising announcement● Neutral
Confirms the option offer prospectus and acceptance form are being sent to eligible shareholders on 18 November, as scheduled. Administrative, no new substance.
11 Nov 2019capital raising announcement● Neutral
Letter to eligible shareholders in Australia and New Zealand repeating the option offer timetable and terms. No action required. Administrative, no new substance.
11 Nov 2019capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot take part in the option offer. Administrative, no new substance.
8 Nov 2019capital raising announcement● Neutral
Triangle offers shareholders one quoted option per five shares held, at A$0.001 each, exercisable at A$0.12 until 30 September 2020. Up to 72.15M options would raise only about A$72,150, mainly covering offer costs. Exercise money would fund projects.
8 Nov 2019capital raising announcement● Neutral
Letter to optionholders repeating the option offer terms. Existing optionholders can take part only by exercising their options and being on the register by the 13 November record date. Administrative, no new substance.
8 Nov 2019capital raising announcement● Neutral
Prospectus for the option offer announced the same day: up to 72,150,736 quoted options at A$0.001, one per five shares, closing 27 November 2019. Describes it as speculative and sets out risk factors. No new terms.
29 Oct 2019quarterly activities report● Neutral
September quarter: Cliff Head sold 71,557 bbls (778 bopd), lifting cost US$23.04/bbl. Cash rose to A$5.48M after the A$3.6M raising. State Gas shares left escrow 9 Oct. The MD called the Xanadu seismic results disappointing and plans a wider review of licences.
24 Oct 2019drilling result▼ BadMajor
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%.
2 Oct 2019farm in farm out completion▲ GoodMajor
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.
24 Sept 2019other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on the company website. Administrative, no new substance.
24 Sept 2019annual report● Neutral
2019 annual report for the year to 30 June restates known points: Cliff Head production around 690 bopd from four wells, CH13 back in November, December 2019 investment decisions, and the 33.4% State Gas stake. Also covers the A$3.6M September raising.
20 Sept 2019other● Neutral
Key Petroleum withdrew its L7 termination notice. It says Triangle returned the landowner approval documents about 90 minutes after the notice, and the landowner is ready to approve. Not a Triangle announcement.
20 Sept 2019material agreement▲ Good
Triangle confirmed it accepted Key's withdrawal of the termination notice for the Mount Horner L7 farmout. Completion now awaits only landowner consent. This removes the threat raised on 17 September.
17 Sept 2019material agreement termination▼ BadMajor
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.
11 Sept 2019investor presentation● Neutral
Good Oil Conference presentation repeats the August figures and notes the 48M placement shares are not yet included. Still shows the L7 farmout as nearing completion and a December 2019 investment decision. No new operating information.
5 Sept 2019capital raising announcement● NeutralMajor
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.
What it means for a shareholder
48.0m new shares at A$0.075 to raise about A$3.6m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (13,333 at the issue price), your slice goes from 0.00426% to 0.0037% of the company. To keep it you'd need 2,046 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.