10 Dec 2018capital raising announcement● Neutral
Reminder that the entitlement offer closes 5pm WST on 13 December and that only the new personalised acceptance form will be accepted. Administrative notice with nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2018capital raising announcement● Neutral
Triangle confirms the replacement prospectus and new acceptance form are being dispatched to eligible shareholders on 3 December. Administrative notice with no new information.
30 Nov 2018capital raising announcement▼ BadMajor
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.
30 Nov 2018capital raising announcement● Neutral
Replacement prospectus for the 4-for-15 offer at A$0.065 (about A$3.78M), now only partially underwritten by Argonaut to A$2.78M. Adds a public shortfall offer, closing 13 December. Repeats terms in the same-day announcement.
30 Nov 2018listing compliance notice● Neutral
ASX will lift Triangle's suspension once the entitlement offer announcement is released. Administrative notice only.
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.
26 Nov 2018agm notice▼ Bad
Chairman's AGM address reviews the year: Cliff Head operatorship, Xanadu stake rising to 45% and the L7 farmout. It discloses that, given the fall in Brent crude, Triangle is in discussions about the underwriting of the A$3.78M entitlement offer, with further disclosure to follow.
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 2018quarterly activities report▼ Bad
September quarter Cliff Head output was 36,575 bbl (397 bopd), down from 747 bopd in June, with lifting costs of US$62.08/bbl versus US$31.71. Cash was A$2.87M. Dynamic modelling is still underway. The text shows a quarterly gross loss of A$1.317M for the joint venture.
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.
30 Oct 2018quarterly activities report● Neutral
Whitebark's September quarterly mainly covers its Canadian operations and its fundraising. It restates the sale of its 15% of TP/15 to Triangle for up to A$5M. No new information on Triangle.
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.