Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Mar 2017half year report● Neutral
Half-year accounts to 31 December 2016 describe the business as selling oil from the 57.5% Cliff Head share plus assessing Reids Dome. Cliff Head is producing 1,300 bopd now, against a 2017 forecast average of 1,215 bopd. Financial figures were not in the readable text.
2 Mar 2017investor presentation● Neutral
March 2017 company presentation restating known facts: Cliff Head at 1,300 bopd (747 bopd net), 2P reserves 2.0 MMstb, cash A$1.8M at 31 Dec 2016 with no debt, 146.8M shares. No new announcements in the visible text.
10 Feb 2017farm in farm out agreement▲ Good
Norwest signs a binding termsheet with 3C Group, which funds the last 40% of Xanadu-1 costs for 30% of TP/15, and raises A$500,000 at A$0.0024 a share. Completes the partner line-up for the 160 MMbbl prospect: Norwest 25% carried, Triangle 30%, Transerv 15%.
10 Feb 2017farm in farm out completion▲ GoodMajor
The TP/15 joint venture is now fully funded after Norwest farmed the last 40% to 3C Group, meeting the 15 February deadline. Triangle will earn 30% by paying 40% of Xanadu-1 costs. The 160 MMbbl prospect's drilling timing depends on approvals and rig availability.
19 Jan 2017other● Neutral
Triangle is moving its share registry to Automic from 23 January 2017. Administrative notice only.
23 Dec 2016farm in farm out agreement● Neutral
Norwest says the Xanadu-1 farmout termsheets with Triangle and Transerv are extended from 31 December 2016 to 15 February 2017, so Norwest can complete funding for the remaining 40%. Application to drill has been lodged. Third-party repeat of the Triangle extension.
23 Dec 2016farm in farm out agreement● Neutral
Triangle confirms the TP/15 termsheet end date is pushed from 31 December 2016 to 15 February 2017 while Norwest completes funding for the remaining 40%. Drilling application lodged; drilling still planned for 2017. Delays the deadline noted in earlier updates.
13 Dec 2016admin correction● Neutral
Triangle has posted letters to shareholders showing holdings before and after the 1-for-25 consolidation that took effect 7 December 2016. Administrative notice only; no new information.
8 Dec 2016other▼ BadMajor
The Hong Kong arbitration over the MonTerra dispute (Pase-era adviser contract terminated April 2015) went against Triangle. The award was received 5 December 2016; the amount is not stated in the text. Triangle is weighing appeal or settlement and says more will follow.
2 Dec 2016security holder rights change● Neutral
Formal notice of the 25-for-1 share consolidation approved at the 30 November AGM: about 3,495.6M shares become about 139.8M, and the 150M options become 6M with the exercise price rising to A$0.0375. The notice says the timetable in the AGM notice was incorrectly stated.
2 Dec 2016security holder rights change● Neutral
Amended timetable for the 25-to-1 share consolidation approved at the AGM, replacing the incorrect dates in the AGM notice. Deferred trading starts 7 December and new holding statements go out 15 December 2016. Lifts the trading halt in place since 2 December.
11 Nov 2016admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report for the year to 30 June 2016. Points to the corporate governance statement; no new business information.
30 Sept 2016annual report● Neutral
2016 annual report. The chairman notes the Pase sale completed with US$1.019M still in escrow awaiting SKK Migas approval, and the June 2016 Cliff Head purchase, introduced via Tamarind Management. Plans are to review the business model and cut operating costs. Remaining text truncated.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Norwest Energy signs a termsheet for Triangle to earn 30% of offshore permit TP/15 by funding 40% of the Xanadu-1 well, which targets 160 MMbbls of unrisked prospective resource. Farmout is due by 31 December 2016, otherwise Triangle has no interest.
23 Sept 2016farm in farm out agreement● Neutral
Transerv Energy's update on the same Norwest alliance: Triangle to earn 30% of TP/15 for 40% of well costs and Transerv 15% for 20%, so 60% of Xanadu-1 costs are funded. Drilling is aimed for 2017. Third-party repeat of the Triangle deal.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Triangle announces its conditional farm-in to TP/15 to earn up to 30% by paying 40% of Xanadu-1 well costs, with cost caps. Not binding until Norwest completes the joint venture, expected December 2016. A$25,000 refundable payment made. Drilling planned 2017.
19 Sept 2016investor presentation● Neutral
September 2016 presentation restating known facts: about 3.5 billion shares, A$7M market cap at A$0.002, cash A$1.8M, no debt, net production 675 bopd and net 2P reserves of 2.0 MMstb. No new developments.
5 July 2016auditor change● Neutral
HLB Mann Judd replaces BDO as auditor from 5 July 2016, after BDO resigned with ASIC consent. The board says the change cuts audit costs and suits a group that has sold its overseas assets.
30 June 2016asset acquisition disposition▲ GoodMajor
Triangle completes the purchase of the 57.5% Cliff Head interest from AWE for A$3,214,276 plus the royalty. This makes it a hydrocarbon producer again after selling Pase in February 2016. Roc Oil keeps 42.5% as operator.
20 June 2016asset acquisition disposition▲ GoodMajor
Triangle agrees to buy AWE's 57.5% of the producing Cliff Head oil field (Perth Basin) for A$3,214,276 plus a US$5/bbl royalty on sales above US$70/bbl. Output is about 1,300 bopd gross, with 3.8 million barrels of 2P reserves. Funded from cash.
20 June 2016investor presentation● Neutral
Presentation on the Cliff Head acquisition, repeating the asset facts (1,300 bopd, 3.8 mmstb remaining) and outlining a plan to extend field life beyond 2021 and a wider Perth Basin strategy. No new figures beyond the acquisition announcement.
14 Mar 2016half year report● Neutral
Half-year to 31 December 2015 report. Confirms the Pase sale completed 16 February 2016 for US$4.5M less about US$0.862M PTEA loans, with US$1.020M still receivable. Triangle keeps cost recovery of up to US$7M and a royalty. Reids Dome transfer still awaiting completion.
16 Feb 2016asset acquisition disposition▲ GoodMajor
Triangle completed the Pase PSC sale to Enso Asia Inc., a PTEA nominee, for US$4.5M cash (less agreed deductions). It keeps up to US$7M cost recovery and a royalty capped at US$25M. This ends its operating role at Pase, and the cash funds a search for new assets.
29 Dec 2015material agreement termination● Neutral
Triangle says the Boustead-led consortium agreement can no longer be completed and will lapse on 31 January 2016, following shareholders' approval of the PTEA deal. This closes off the rival offer accepted in November.
24 Dec 2015asset acquisition disposition▲ GoodMajor
Shareholders approved the Pase sale to PTEA, with 87.91% in favour of the 67.4% of capital that voted. Completion is expected in early January 2016. US$4.5M cash is due at completion, less PTEA loans, plus cost recovery and royalties.
21 Dec 2015regulatory community update▼ Bad
MonTerra, a strategic adviser dismissed on 20 April 2015, has filed for arbitration claiming US$1,000,000 or a 19.99% equity stake in Triangle. The board calls the claim without merit and will defend it. This is a new contingent liability.
8 Dec 2015asset acquisition disposition▲ GoodMajor
Triangle accepts a new PTEA offer of up to US$39.9M (about A$55.5M), beating the consortium's US$32.4M. It includes US$4.5M cash, up to US$7M cost recovery and a royalty capped at US$25M. PTEA waives the government approval conditions. Directors recommend a vote in favour.
9 Nov 2015asset acquisition disposition▲ GoodMajor
Triangle accepts a rival Pase offer of up to US$32.4M (about A$45.3M) from a Boustead-backed consortium, against up to US$10.5M from PTEA. It includes US$3.9M consideration, royalties and up to US$5M cost recovery. Directors withdraw their PTEA recommendation; shareholder approval is needed.
29 Sept 2015material agreement● NeutralMajor
Pase sale terms amended after ASX's objection: break fee cut from US$5.0M to 1% of group equity value. PTEA advances become a secured loan if the deal fails, and the long-stop date moves to 6 November 2015. Aceh approval is granted; shareholder meeting expected mid-November.
22 Sept 2015annual report● Neutral
2015 annual report (text truncated). The chairman's letter restates the 22 May Pase PSC signing and the sale to PT Enso Asia for US$2.5M cash plus up to US$5.0M cost recovery. After completion Triangle plans to review its business model.
