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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2018quarterly activities report● Neutral
June quarter Cliff Head output fell to 67,954 bbl (747 bopd) from 929 bopd, with sales A$6.22M and lifting cost US$31.71/bbl. Cash rose to A$2.825M. Tamarind debt is US$1.26M after repayment, plus A$0.63M related-party loan. Dynamic modelling continues.
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.
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.
30 Apr 2018quarterly activities report▲ Good
March quarter Cliff Head output rose to 83,650 bbl (929 bopd) from 819 bopd, with sales A$6.409M and lifting cost down to US$27.84/bbl from US$38.21. Cash A$1.866M. MonTerra settlement final payment made, closing that thread. Reserves review still due Q2 2018.
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.
1 Feb 2018quarterly activities report● Neutral
December quarter Cliff Head output fell to 75,327 bbl (819 bopd) with A$5.805M sales, due to the pipeline repair; lifting cost rose to US$38.21/bbl. Xanadu discovery report was lodged 20 Dec and sidetrack approvals received. State Gas stake valued A$16.7M.
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 2017agm notice● Neutral
Chairman's AGM address recaps the year: Cliff Head raised to 78.75%, Xanadu oil discovery, cost savings and the State Gas listing. Says the 35.47% State Gas stake is worth A$20.5M. No new developments.
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.