30 Nov 2018listing compliance notice● Neutral
ASX will lift Triangle's suspension once the entitlement offer announcement is released. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2018listing compliance notice▼ Bad
Triangle's shares were suspended at its request, after the 26 November halt, pending an announcement on the entitlement offer, expected 30 November. This follows the chairman's remark that underwriting was under discussion.
26 Nov 2018listing compliance notice● Neutral
ASX paused trading in Triangle's shares pending a further announcement. The notice gives no reason; it precedes the 28 November suspension about the entitlement offer.
22 Nov 2018investor presentation● Neutral
Key Petroleum's presentation on its Bookara Shelf oil play, including a maiden resource. It says Key will operate and drill at least three wells in 2019, and that the L7 workover with Triangle may proceed subject to due diligence. Little new on Triangle itself.
21 Nov 2018capital raising announcement● Neutral
Triangle confirms the entitlement offer prospectus and application form were dispatched to eligible shareholders on 21 November, as scheduled. Administrative notice with no new information.
20 Nov 2018capital raising announcement● Neutral
Triangle issued the 19,282,629 placement shares at A$0.065, completing the A$1.25M placement. This diluted existing holders by 8.8%, taking shares on issue to 237,398,173. The lead manager fee is up to 6%.
14 Nov 2018capital raising announcement● Neutral
Prospectus lodged for the entitlement offer: 4 new shares for every 15 held at A$0.065 to raise about A$3.78M, underwritten by Argonaut Capital, closing 5pm WST on 6 December 2018. Terms repeat the 13 November announcement; the extract shows nothing new.
14 Nov 2018capital raising announcement● Neutral
Letter to eligible shareholders outlines the entitlement offer: 4 new shares for every 15 held at A$0.065, up to 58.16M shares for A$3.78M, underwritten by Argonaut. Record date 19 November, closes 6 December. Total shares would reach about 306.75M after the offer, placement and Whitebark shares.
13 Nov 2018listing compliance notice● Neutral
ASX lifted the suspension on Triangle's shares immediately after the capital raising announcement was released. Administrative notice only.
13 Nov 2018capital raising announcement● NeutralMajor
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.
12 Nov 2018listing compliance notice● Neutral
Triangle's shares were suspended at its own request, following an 8 November trading halt, pending an announcement on a proposed material capital raising expected 13 November.
6 Nov 2018investor presentation● Neutral
Noosa Mining Conference deck dated July 2018, released in November, repeats known facts: 78.75% of Cliff Head, 30% of Xanadu-1, 35.47% of State Gas, 2P reserves 2.7 MMstb. Figures are older (cash A$2.96M at 30 June). Superseded by the corrected deck the same day.
6 Nov 2018investor presentation● Neutral
Corrected 6 November deck replaces the outdated one. It shows 50% of Mt Horner L7 and 45% of TP/15 (both subject to completion), December quarter forecast of 778 bopd, and dynamic modelling now due January 2019 (previously Q4 2018). State Gas stake valued at A$14.3M.
31 Oct 2018farm in farm out agreement▲ GoodMajor
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.
31 Oct 2018farm in farm out agreement● Neutral
Key Petroleum's own announcement of the L7 farmout to Triangle, repeating the terms: Triangle funds up to US$3M for 50%. Adds that Key will initially operate and that workovers and drilling are expected to start early in 2019, subject to approvals.
25 Oct 2018farm in farm out agreement● Neutral
Seller Whitebark confirms the sale of its 15% of TP/15 to Triangle for up to A$5M, matching Triangle's terms (A$3M upfront, A$2M milestones). Whitebark plans to put proceeds into Canadian oil projects. Nothing new for Triangle.
25 Oct 2018farm in farm out agreement▲ GoodMajor
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.
24 Oct 2018listing compliance notice▼ Bad
Triangle discloses that shareholder approval for the Tamarind conversion shares issued in February 2018 had expired, so 7,521,225 shares exceeded its placement capacity. It will seek ratification at the AGM; if refused, it cannot issue shares under Rule 7.1 until 6 February 2019.
15 Oct 2018production update▲ Good
Cliff Head well CH12H returned to production on 10 October 2018 with a new downhole pump, after being offline since 30 May. It should settle near 230 bopd, returning field output to about 750 bopd. Work now moves to the CH07 workover.
5 Oct 2018regulatory community update▼ Bad
Operator Norwest said approvals delays meant the Xanadu 3D seismic survey would miss its targeted late-2018 window, with the next opportunity starting March 2019. A side-track approval at Xanadu-1 was already in place, and a rig was expected in the Perth Basin later in 2019.
21 Sept 2018other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on the website. Administrative filing with no new business information.
21 Sept 2018annual report● Neutral
2018 annual report (year to 30 June) reviews Cliff Head life-extension work, Xanadu discovery and 35.47% State Gas stake. It says dynamic modelling is underway and the Xanadu 3D seismic is pending. The extract shows no new figures; financial statements were truncated.
13 Sept 2018investor presentation● Neutral
Good Oil Conference deck repeats known facts: 78.75% of Cliff Head, 10.2M bbl near-field prospective resource, 30% of Xanadu. Updates cash to A$3.246M (31 Aug) and share price to A$0.091 (A$19.8M market cap). Dynamic modelling now due Q4 2018, later than the earlier August target.
13 Aug 2018production update▲ GoodMajor
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.
30 July 2018production update● Neutral
Triangle stood down its incident team on 27 July after surveys found no hydrocarbons in the marine environment. Cliff Head production remains shut in while restart preparations are completed. Regulator engagement continues.
27 July 2018production update● Neutral
As of 26 July, aerial and shoreline surveillance found no hydrocarbons in the marine environment after the Cliff Head spill. Weather blocked platform access that day. Triangle still expects negligible impact; production restart timing is not given.
25 July 2018production update▼ BadMajor
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.
18 July 2018investor presentation● Neutral
Noosa conference deck repeats known facts: static model results, 10.2M bbl near-field prospective resource, Registered Operator status. Shows A$0.12 share price, A$26.2M market cap, A$2.96M cash at 30 June, and US$1.249M Tamarind debt. Arrowsmith upgrade is now $4.0M.
17 July 2018regulatory community update▲ GoodMajor
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.
17 July 2018director officer appointment● Neutral
Tim Monkton, a Baillieu Holst equity partner with over 25 years in stockbroking, was appointed independent non-executive director. He adds a corporate advisory and resources background to a board that gained two Tamarind executives in April.