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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Nov 2017quarterly activities report▲ Good
September quarter: Cliff Head produced 99,860 bbl (1,097 bopd) with A$6.361M sales; the A$1.475M placement at A$0.09 completed. Notes a Malaysian oil services firm took a substantial holding. Mostly recaps Xanadu and State Gas, now valued at A$15.3M.
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.
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%.