Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2017annual report● Neutral
2017 annual report for the year to 30 June. The chairman's letter recaps the 78.75% Cliff Head purchase, the Xanadu-1 farm-in for 30% and the State Gas spin-out. It states the stake's value as about A$9.77M, versus A$9.577M in the IPO announcements. Only the opening pages were visible.
25 Sept 2017drilling result▲ GoodMajor
Logs and oil samples confirm an oil discovery at Xanadu-1: three sands with 41-66% oil saturation, 4.6 m net pay in the top sand, and oil pumped to surface. An up-dip side-track is planned. Resolves the Xanadu-1 result thread; Triangle holds 30%.
25 Sept 2017drilling result▲ Good
JV partner Whitebark repeats the Xanadu-1 oil discovery: 4.6 m net pay in the top sand, oil samples to be assayed, and a lateral or side-track well planned. This duplicates the operator's results; Triangle is not the author.
25 Sept 2017drilling result▲ GoodMajor
Triangle confirms the Xanadu-1 oil discovery, the first in the offshore Perth Basin since Cliff Head over 15 years ago per management. Xanadu lies 14 km from Cliff Head and the Arrowsmith plant, which has spare capacity (about 1,200 of 15,000 bopd used). An up-dip side-track is planned.
22 Sept 2017drilling progress report● Neutral
Operator Norwest says Xanadu-1 logging is continuing and the market will be updated when it finishes. There are no new results. Triangle's interest remains 30%.
20 Sept 2017price query● Neutral
Triangle tells ASX the State Gas IPO was not price-sensitive, as PL 231 is carried at nil value. It says it knew of the listing intention from about 15 March 2017 and of the priority offer in early August 2017. It confirms it complies with the Listing Rules.
18 Sept 2017capital raising announcement● NeutralMajor
Triangle plans a placement of about 16.398M shares at A$0.09 to raise about A$1.475M, led by DJ Carmichael, for exploration, drilling and working capital. The price is below the recent A$0.13 trading level (from the earlier context). The announcement lifts the trading halt.
What it means for a shareholder
16.4m new shares at A$0.090 to raise about A$1.5m. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00665% to 0.00605% of the company. To keep it you'd need 1,090 more shares - about A$98 at the issue price.
Create a free account to see this worked out for your own holding.
18 Sept 2017drilling result▲ Good
Triangle repeats the operator's news that Xanadu-1 hit hydrocarbon-bearing reservoirs at a total depth of 2035 m, extended from 1863 m. Wireline logging is to begin, and 7-inch casing is on its way in case results are positive. This duplicates the Norwest report.
18 Sept 2017drilling result▲ GoodMajor
Operator Norwest reports Xanadu-1 reached total depth of 2035 m (planned 1863 m) and intersected hydrocarbon-bearing reservoirs, with gas readings, oil shows and fluorescence. Wireline logging follows. Triangle's 30% share is unchanged. Early positive indication, not yet a confirmed discovery.
14 Sept 2017material agreement● Neutral
Triangle and Tamarind amend the March 2017 convertible loan so the conversion price is fixed at A$0.04 per share. Previously it was the lower of A$0.04 or the 30-day VWAP. Other terms are unchanged; the remaining loan was US$776k.
13 Sept 2017regulatory community update● Neutral
Triangle sends shareholders a letter on the State Gas IPO priority offer, open 12 to 28 Sep 2017. Triangle will hold 35.47% (A$9.577M at the A$0.20 issue price) after the A$5.25M raise. Directors intend to subscribe, subject to regulatory restrictions.
13 Sept 2017investor presentation● Neutral
RIU Good Oil presentation by the CFO restating strategy. Notes the Reids Dome IPO, Xanadu-1 exposure, 167.1M shares, cash A$2.18M at 30 June, US$776k loan and year-to-date production of 1,204 bopd. No new announcements in the visible text.
12 Sept 2017drilling progress report● Neutral
Xanadu-1 has drilled to 975 m with 244 mm casing cemented, and geology is in line with pre-drill expectations. Primary and secondary targets are expected to be reached later this week. No result yet from the 160 MMbbl prospect.
8 Sept 2017other● Neutral
ASX confirms Triangle's trading suspension will be lifted at the start of trading on 11 September 2017. Administrative notice only.
8 Sept 2017asset acquisition disposition▲ GoodMajor
Triangle spins out Reids Dome into State Gas, which is seeking an ASX listing via a A$5.25M IPO at A$0.20 per share. Triangle will hold 35.47% (worth A$9.577M at the issue price) and gets a A$1M priority offer for its holders. Trading is expected around 17 October. Moves Reids Dome from 60% held directly to an indirect stake.
6 Sept 2017other● Neutral
Triangle's shares are suspended at its request, pending an announcement about its interest in State Gas Limited, which holds 60% of Reids Dome. The suspension was expected to end by 7 September at the latest.
5 Sept 2017drilling spud▲ GoodMajor
Xanadu-1 spudded at 3pm on 4 September 2017, about 11 days ahead of the original forecast. Planned depth is about 1863 m, taking roughly 23 days. Triangle holds 30% of the 160 MMbbl oil prospect. Resolves the spud-date thread.
28 Aug 2017drilling scheduled▲ Good
Operator Norwest brings the Xanadu-1 spud forward to 5 September 2017, with the rig already on location and drilling expected to take 23 days. The 160 MMbbl prospect's date moves earlier than the second half of September. Triangle still holds 30%.
28 Aug 2017price query● Neutral
Responding to an ASX query after the share price rose from A$0.088 to an intraday A$0.125, Triangle says it knows of no undisclosed information. It points to a director's on-market share purchase and the earlier Xanadu spud date as the only context.
4 Aug 2017investor presentation● Neutral
Mac Equity conference presentation repeating known facts. Updated figures: 167.1M shares, cash A$2.18M at 30 June 2017, convertible loan down to US$776k, production about 1,187 bopd, 2P reserves 2.7 MMstb. No new announcements in the visible text.
28 July 2017capital raising announcement▲ GoodMajor
Malaysia's T7 Global buys 16.476M Triangle shares (9.86%) from Tamarind for US$500,000. Tamarind converted US$439k of its loan at A$0.04 to supply the shares, leaving US$776k owed. This partly resolves the conversion thread; new shares were issued to Tamarind.
19 July 2017investor presentation● Neutral
Noosa conference presentation restating the growth strategy: 78.75% of Cliff Head, Xanadu-1 exposure, cash A$1.632M at 31 March 2017, US$1.215M Tamarind loan, 152.8M shares, 2P reserves 2.7 MMstb. No new announcements in the visible text.
13 July 2017drilling scheduled▲ GoodMajor
Norwest, as operator, says Xanadu-1 is scheduled to spud in the second half of September 2017, after AWE's Waitsia program. Long-lead items are bought and service contracts are being finalised. Triangle holds 30% of the 160 MMbbl prospect. This gives a firmer date than earlier 'second half of 2017'.
13 July 2017drilling scheduled● Neutral
Triangle repeats that Xanadu-1 (TP/15, 160 MMbbl unrisked) is set to spud in the second half of September 2017, after the Waitsia wells, with most approvals done. Triangle funds 40% for 30%; Whitebark now named as a 15% partner. Largely restates the 13 July operator notice.
3 July 2017security holder rights change● Neutral
The small-parcel share sale is complete, with shares sold on 16 June 2017 at an average of A$0.042. Proceeds are being paid out, and some holders donated theirs to charity. Concludes the facility announced in March; no impact on the business.
30 May 2017joint venture update▲ Good
The TP/15 joint venture operating agreement is signed by Norwest, Triangle, 3C and Transerv. Triangle funds 40% of Xanadu-1 for 30%. The 160 MMbbl prospect is planned for the second half of 2017, with a rig letter of intent issued and regulatory approvals still needed.
23 May 2017farm in farm out completion▲ GoodMajor
Triangle and Royal complete the purchase of ROC's 42.5% of Cliff Head, taking Triangle to 78.75% and operator. Triangle paid US$1.875M (A$2.5M), with about US$1.2M cash flow benefit since 1 January 2017. Triangle's total Cliff Head interest has cost about A$5.7M. Resolves the 31 March deal.
31 Mar 2017asset acquisition disposition▲ GoodMajor
Triangle and Royal Energy agree to buy ROC's remaining 42.5% of Cliff Head for US$3.75M (Triangle US$1.875M), lifting Triangle to 78.75% and operator, with Tamarind to run it. Funded by a US$1.215M Tamarind convertible loan (10%, convertible at A$0.04) and cash. Settlement is expected by 31 May 2017.
21 Mar 2017admin correction● Neutral
Confirms the closing time for the small-parcel share sale facility as 5:00pm AEST on 2 May 2017. Administrative notice only; no new information.
16 Mar 2017security holder rights change● Neutral
Triangle offers a free share sale facility for holders of 13,157 shares or fewer. About 609 of 1,049 holders qualify, together holding 58% of shares. Sales are expected around 17 May 2017. The company says this cuts administration costs.
