Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 July 2018resource reserve update▲ GoodMajor
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.
2 July 2018resource reserve update▲ GoodMajor
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.
28 June 2018debt financing▲ GoodMajor
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.
31 May 2018production update▼ Bad
Cliff Head well CH12H stopped producing on 30 May 2018 after a downhole pump fault; it had been making 240 bbl/day. Triangle will try to restart the pump, and plans a replacement within a wider offshore campaign if that fails.
1 May 2018investor presentation● Neutral
Hong Kong summit deck repeats known facts: Cliff Head 78.75%, Xanadu 30%, State Gas 35.47% (now about A$11.2M at 30 April). Shows A$0.08 share price, A$17.5M market cap, US$2.259M Tamarind debt, and 2P reserves of 2.7 MMstb. No new announcements.
11 Apr 2018director officer appointment● NeutralMajor
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.
16 Mar 2018half year report● Neutral
Half-year accounts to 31 Dec 2017 are filed. The visible text restates the Cliff Head 78.75% interest, 2P life to 2024 with 2.5M barrels remaining, and 927 bopd current output. Financial statements were truncated and are not summarised here.
14 Mar 2018investor presentation● Neutral
March 2018 conference deck repeats known facts: Cliff Head 78.75%, Xanadu 30%, State Gas 35.47% (about A$14.3M). Shows 218.1M shares, A$1.64M cash at 31 Dec, US$2.259M Tamarind debt, share price A$0.10. Tamarind is now the largest holder at 10.56%.
6 Mar 2018production update▲ GoodMajor
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.
26 Feb 2018joint venture update● Neutral
Operator Norwest awarded a contract to Synterra for a 40 km2 Xanadu 3D seismic survey, now expected in the second half of the June 2018 quarter, later than the late Q1 hope. Volume estimates and an appraisal well follow data processing; permit renewal lodged.
13 Feb 2018other● Neutral
Triangle says broker DJ Carmichael has updated its research report on the company. The announcement gives only a link and no findings from the report.
5 Feb 2018capital raising announcement● NeutralMajor
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.
24 Jan 2018debt financing● NeutralMajor
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.
27 Dec 2017production update▲ Good
Full Cliff Head production was restored on 22 Dec 2017 after the pipeline repair, which Triangle says was completed under budget and as planned. This resolves the leak that cut output through December, and production is being optimised for full cargo export to BP.
19 Dec 2017joint venture update● Neutral
Partner Norwest says Xanadu 3D seismic approvals are nearly complete and vendor bids are under review, with a survey possibly by end of Q1 2018. The Xanadu discovery report is due 21 Dec. Mostly about Norwest's Jingemia restart; no new Triangle figures.
4 Dec 2017production update▼ Bad
Triangle will also replace a section of the oil production pipeline under the railway line, to ensure integrity beyond 2029. Preparation is taking longer, so full Cliff Head production is now expected by mid December 2017, later than the mid-week target.
1 Dec 2017production update▼ Bad
A water leak from external corrosion was found on 29 Nov in the onshore water injection pipeline at the Arrowsmith plant, suspending Cliff Head oil. Production restarts at reduced rates while the pipe is replaced; full output expected by mid next week.
28 Nov 2017investor presentation● Neutral
AGM presentation largely repeats the roadshow deck. Share price A$0.14, 192.4M shares, State Gas stake about A$20.56M. Lists T7 Berhad at 8.98% as the largest holder shown. Cash shown as A$1.96M at 30 September, differing from the A$2.96M in the earlier deck.
20 Nov 2017director officer appointment● Neutral
Lucy Rowe is appointed Company Secretary, replacing Darren Bromley, who stays Executive Director and CFO and will focus on operations and business development. Bromley says routine Cliff Head operating costs fell from over US$40/bbl to US$26/bbl.
17 Nov 2017annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2017, pointing to the corporate governance statement on the company website. No financial or operational information.
14 Nov 2017drilling progress report▲ Good
Triangle reports final Xanadu-1 assays match Cliff Head oil. The joint venture agreed to 3D seismic, possibly late Q1 2018, with Xanadu-2 planned up-dip. Reservoir study and volume estimates follow in Q1 2018; no volumes yet.
14 Nov 2017drilling progress report▲ Good
Operator Norwest reports Xanadu oil assays match Cliff Head oil and the joint venture is planning 3D seismic, possibly late Q1 2018. A reservoir study is due Q1 2018; a discovery report is due 26 Dec 2017. Duplicates Triangle's own release.
8 Nov 2017investor presentation● Neutral
Broker roadshow deck repeats known facts: Cliff Head 78.75%, Xanadu 30%, State Gas 35.47%. It gives 192.4M shares, A$2.96M cash at 30 Sept and US$1.174M Tamarind debt. Share price A$0.16, market cap A$30.8M.
26 Oct 2017well test result▲ GoodMajor
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.
25 Oct 2017investor presentation● Neutral
Triangle notes State Gas lodged an update presentation with ASX. State Gas listed in October; Triangle holds 35.47%. The announcement itself carries no new figures or results.
13 Oct 2017other● Neutral
Triangle says broker DJ Carmichael, lead manager of its September placement, has published an initiation report on the company. The announcement gives only a link and no findings from the report.
11 Oct 2017drilling progress report● Neutral
Partner Whitebark reports Canadian drilling results and says the Xanadu joint venture is evaluating the discovery and planning seismic and appraisal wells. Triangle is not the author; nothing new on its 30% Xanadu share beyond planning.
10 Oct 2017asset acquisition disposition▲ GoodMajor
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.
10 Oct 2017drilling progress report● Neutral
Norwest says Xanadu oil assay results are delayed by a laboratory backlog. They were expected the week of the 25 September announcement. It has lodged the discovery notice with the WA minister. No new results.
9 Oct 2017asset acquisition disposition▲ GoodMajor
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.
