3 Sept 2019price query● Neutral
ASX paused trading in Triangle shares pending a further announcement. Reason not stated in the notice. The pause was followed two days later by the capital raising announcement (an inference about the link).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2019other● Neutral
Partner Key Petroleum discussed Perth Basin gas potential after a nearby West Erregulla-2 discovery, and mentioned planned 3D seismic over Mount Horner. Not a Triangle announcement and no new Triangle information.
30 Aug 2019investor presentation● Neutral
August corporate presentation repeats known facts: 78.75% of Cliff Head, 45% of TP/15, 2P reserves 1.71 MMstb and a December 2019 investment decision. It says the Xanadu appraisal well is targeted for mid 2020, and the L7 farmout is nearing completion.
29 Aug 2019resource reserve update▲ GoodMajor
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.
31 July 2019quarterly activities report● Neutral
June quarter Cliff Head output was 72,627 bbls (798 bopd), lifting cost US$25.31/bbl. Cash fell to A$2.49M from A$4.14M, including A$1.45M in escrow, after the Tamarind loan repayment. CH-13 return now expected in Q4 2019, later than the earlier Sep/Oct target.
12 July 2019drilling result▲ GoodMajor
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%.
28 June 2019drilling progress report● Neutral
Xanadu seismic eastern panel was finished on 24 June after weather delays, and the western panel is under way. Regulator approved running into July. Data quality is described as encouraging; interpreted results still expected by October 2019.
28 June 2019debt financing▲ GoodMajor
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.
31 May 2019drilling progress report▲ Good
Norwest says the contractor has started acquiring the 40 km2 Xanadu 3D seismic survey in TP/15, due to finish by end June. Early interpreted results are expected by October 2019 and will guide a possible appraisal well. Triangle holds 45%.
15 May 2019investor presentation● Neutral
Presentation for a Hong Kong investor conference repeats known facts. Shows 312.8M shares, cash A$4.14M, share price A$0.095, and State Gas stake valued at about A$37M. No new operating information.
6 May 2019security holder rights change● Neutral
The 11.19M shares issued to Whitebark for the TP/15 stake leave escrow on 14 May 2019. Whitebark has agreed to an orderly sale process for six months to 14 November 2019, which limits how fast it can sell.
26 Apr 2019quarterly activities report● Neutral
March quarter Cliff Head output was 72,193 bbls (802 bopd), lifting cost US$27.69/bbl. Cash fell to A$4.14M from A$5.15M. CH13 pump fix is now expected around September/October 2019. 6M options exercised at A$0.06 raised A$360,000.
8 Apr 2019regulatory community update● Neutral
Triangle clarified Mt Horner terms: it must drill at least two wells and shoot 50 km2 of 3D seismic to earn 50%, recovering costs from 87.5% of production for two years. Work programme is not final; first oil in Q4 2019 depends on landowner consent and approvals.
26 Mar 2019investor presentation● Neutral
March corporate presentation repeated known facts: 78.75% of Cliff Head, 2P reserves of 1.73 mmstb, 45% of TP/15 and a State Gas stake of about A$40M. The CY19 forecast was unchanged at 651 bbls net (827 bbl/day gross), and the share price was A$0.11.
26 Mar 2019other▼ Bad
Key clarified that no work programme or budget has yet been agreed with Triangle for Mt Horner, so timing is uncertain. The L7 farmout still needs regulatory approvals and landholder consent, so completion remains open.
25 Mar 2019other● Neutral
Partner Key Petroleum announced a A$710,518 placement at A$0.005, and said Triangle would fund A$4.3M of Mt Horner work in the second half of 2019. Not a Triangle announcement; Key corrected the work-programme claim a few days later.
21 Mar 2019director officer appointment● NeutralMajor
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.
14 Mar 2019half year report● Neutral
Interim accounts for the six months to 31 December 2018. The visible text covers only the directors' report and operations overview, restating the 78.75% Cliff Head, 45% TP-15 and 35.47% State Gas holdings; no financial figures appear in the supplied text.
13 Mar 2019production update▼ BadMajor
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.
6 Mar 2019other▼ Bad
Former Pase partner PDPA filed for arbitration in Jakarta, alleging unmet community fund contributions (about $1.1m) and a road build (about $4.8m, from a quote). Triangle sold Pase in 2016 and intends to defend; the claim's outcome and cost are unknown.
21 Feb 2019drilling scheduled▲ Good
Operator Norwest got State approval for the 40 km2 Xanadu 3D seismic survey in TP/15, where Triangle is 45% owner after the Xanadu-1 discovery of 2017. Mobilisation is expected mid-April, acquisition from early May, with results in Q4 2019.
18 Feb 2019investor presentation● Neutral
Corporate presentation repeats known facts: Cliff Head at 78.75%, 2P reserves 1.73 mmstb, January output 827 bopd, 1 to 13 February 901 bopd, State Gas stake A$43.7M. Forecasts CY19 average 827 bbl/day. Share price A$0.12.
6 Feb 2019listing compliance notice● Neutral
ASX paused trading in Triangle's shares pending a further announcement, on the day of its price query. No reason is given in the notice.
6 Feb 2019price query● Neutral
Responding to an ASX price query after the shares moved from A$0.10 to A$0.15, Triangle said it knows of no undisclosed information. It pointed to its 35.47% State Gas stake, worth A$45.67M, against its own A$42.95M market cap; the stake is escrowed to 9 October 2019.
1 Feb 2019admin correction● Neutral
Corrected Appendix 5B section 4 for the December quarter, with cash unchanged at A$5.15M. Administrative correction only.
31 Jan 2019quarterly activities report▲ Good
December quarter Cliff Head output averaged 766 bopd (70,491 bbls), up 93%, with lifting cost US$28.52/bbl. Cash rose to A$5.15M after the A$4.53M net raising. State Gas stake gained value after Nyanda-4. Xanadu 3D seismic approvals and L7 plans ongoing.
16 Jan 2019production update▲ GoodMajor
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.
24 Dec 2018asset acquisition disposition▲ GoodMajor
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%.
24 Dec 2018asset acquisition disposition● Neutral
Whitebark confirms it received the 11,191,052 Triangle shares (A$1M) as part payment for TP-15, after the A$2M cash on 13 November. Up to A$2M more depends on milestones. Counterparty confirmation of the Triangle issue.
18 Dec 2018capital raising announcement▲ GoodMajor
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%.
What it means for a shareholder
58.2m new shares at A$0.065 to raise about A$3.8m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (15,385 at the issue price), your slice goes from 0.00798% to 0.00613% of the company. To keep it you'd need 4,640 more shares - about A$302 at the issue price.
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