Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Sept 2015asset acquisition disposition● Neutral
Triangle is still negotiating with PT Enso Asia to amend the break fee, as ASX required on 6 August. PTEA has provided the US$1.5M performance bond and continues advancing working capital. A meeting notice will follow once amendments are agreed.
6 Aug 2015listing compliance notice▼ BadMajor
ASX says shareholders must vote on the Pase sale to PT Enso Asia (Listing Rule 11.2) and judges the US$5.0M break fee unreasonably high. ASX is unlikely to approve a meeting notice on current terms, so the 31 July deal must be renegotiated.
31 July 2015asset acquisition disposition● NeutralMajor
Triangle agrees to sell its 100% Pase PSC interest to PT Enso Asia for US$2.5M cash plus up to US$5.0M of future cost recovery. A US$5.0M break-up fee applies if the deal is terminated. It reverses the plan to develop Pase itself. The Goshawk ATP1186 farm-in was terminated in June 2015.
31 July 2015listing compliance notice● Neutral
ASX will lift the suspension from 3 August 2015, after the company's announcement of the Pase PSC sale. Trading resumes after the halt that began in late May.
29 July 2015listing compliance notice● Neutral
Suspension extended again for the Pase funding announcement, now until 12 August 2015 at the latest. Trading has been halted since late May.
15 July 2015listing compliance notice● Neutral
Suspension extended again for the Pase funding announcement, now until 29 July 2015 at the latest.
1 July 2015listing compliance notice● Neutral
Suspension extended again for the Pase funding announcement, now until 15 July 2015 at the latest.
17 June 2015listing compliance notice● Neutral
Suspension extended again for the Pase funding announcement, now until 1 July 2015 at the latest.
3 June 2015listing compliance notice● Neutral
Suspension extended again, still pending a material Pase funding announcement, now until 17 June 2015 at the latest.
1 June 2015listing compliance notice● Neutral
Suspension extended, still pending a material announcement on Pase PSC funding arrangements, now until 3 June 2015 at the latest.
27 May 2015listing compliance notice● Neutral
ASX suspended Triangle's shares at the company's request, pending an announcement. No reason is given in this notice; the company's own request cites Pase funding arrangements.
27 May 2015listing compliance notice● Neutral
Triangle asks for a voluntary suspension pending an announcement on funding arrangements for the Pase PSC, expected to end by 1 June 2015 at the latest. This is the company's request behind the ASX suspension.
15 Apr 2015capital raising announcement● Neutral
The Share Purchase Plan closed with A$285,000 of applications at A$0.001, well short of the A$600,000 cap. With the placement, A$485,250 was raised in total. Shares were allotted on 14 April 2015.
23 Mar 2015capital raising announcement● Neutral
Offer document for the Share Purchase Plan: eligible Australian and New Zealand holders may buy up to A$15,000 of shares at A$0.001, capped at 600M shares (A$600,000). Offer closes 8 April 2015. Repeats the 20 March announcement.
20 Mar 2015capital raising announcement● NeutralMajor
Placement raised A$200,250 at A$0.001 per share (200.25M shares), plus a Share Purchase Plan at the same price capped at A$600,000, up to A$15,000 each. Directors will participate. Proceeds go to the exploration programme, finishing the PSC extension, funding talks and working capital. Continues the 0.1c raisings of 2014.
What it means for a shareholder
200m new shares at about A$0.001 to raise about A$200,250. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.037% to 0.0344% of the company. To keep it you'd need 74,037 more shares - about A$74 at the issue price.
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11 Mar 2015half year report● Neutral
Half-year accounts to 31 December 2014 restate known facts: the plant stayed shut in from 11 October 2014, and the 20-year Pase extension was awarded in February 2015, with formalities still being worked through. Reserves quoted: 119 BCF remaining in Pase A, plus 730 BCF and 63 MMBO potential. Text is truncated.
10 Mar 2015capital raising announcement● Neutral
Triangle appoints Mac Equity Partners to lead a placement to sophisticated investors under its 15% capacity, for working capital to start the Pase exploration programme. No size or price given. Follows cash falling to A$0.686M at December 2014.
19 Feb 2015investor presentation● Neutral
Updated version of the February 2015 Pase corporate presentation, with formatting changes visible in the slides. It carries the same message as the earlier release: the 20-year extension is awarded and exploration can restart. No new figures are evident. Text is truncated.
11 Feb 2015investor presentation● Neutral
February 2015 corporate presentation on the Pase block, stating the 20-year PSC extension (2012-2032) has been awarded and exploration suspended for three years can now proceed. It largely repeats the 5 February confirmation; no new figures. Text is truncated.
5 Feb 2015regulatory community update▲ GoodMajor
SKK Migas confirmed the Pase PSC extended 20 years from 24 February 2012, awarded to Triangle and its Aceh Government partner. This resolves the long-running wait for a new PSC and lets exploration restart. Rob Towner becomes Managing Director and CEO, filling the gap left by Nuttall's April 2014 resignation.
27 Nov 2014other● Neutral
Chairman's AGM address repeats the 20-year Pase extension news and the shut-in plant. Says over A$1M a year was cut from corporate management fees, and notes the A$1.062M raising and the Goshawk farm-in. Nothing new.
27 Nov 2014investor presentation● Neutral
AGM presentation says the minister confirmed a 20-year Pase extension, with PDPA managing the block near term and APGE recognised as future operator. Official confirmation is expected very soon. Mostly repeats the 24 November announcement.
24 Nov 2014regulatory community update▲ GoodMajor
Indonesia's energy minister said the Pase block will be managed by Triangle's partner PDPA, with Triangle to be appointed operator for a further 20 years. This is the strongest sign yet on the long-awaited PSC, though formal award is still to come. The term is 20 years, not the 30 earlier expected.
30 Oct 2014farm in farm out agreement▲ GoodMajor
Triangle farms into ATP1186 in Queensland's Surat Basin from Goshawk E&P: 50% for A$73,830 of past costs plus 120M shares, rising to 75% after a four-year programme (105 km of 2D seismic, two wells). Its first diversification step; Goshawk also gets a consulting agreement.
15 Oct 2014production update▼ BadMajor
The Pase plant has been shut in since 11 October 2014 for maintenance of Exxon's Arun plant, and stays shut because the export LNG contract expired. Output had fallen to about 0.8 mmscf/day. Triangle says cost cuts offset the lost revenue; the current extension runs to 23 February 2015.
29 Sept 2014security holder rights change● Neutral
27,000,000 unlisted options exercisable at A$0.01 lapsed on 26 September 2014 unexercised. Administrative only.
24 Sept 2014annual report● Neutral
The 2013/14 annual report said gas production from three wells was 276.8 MMcf, giving US$4.745M of revenue on production. The board was Farrell, Towner and Bromley, with A$1.062M raised in July 2014 after A$1.5M in September 2013, and a new PSC still awaited.
25 Aug 2014regulatory community update● Neutral
SKK Migas extended Triangle's Pase operator appointment for six months from 24 August 2014. The new PSC has still not been awarded to the APGE joint venture, so this only keeps operations going.
14 July 2014other● Neutral
Top 20 shareholder list as at 14 July 2014. The top 20 hold 1,854,734,478 shares (68.78%); the largest are Marilei Intnl (12.79%) and Jarrad Street Corp (11.78%). A register listing with no new business news.
10 July 2014capital raising announcement● NeutralMajor
Raising completed at A$1.062M in total: A$188,019 from the rights issue, A$629,218 from placing the shortfall and A$245,000 from a placement of 245M shares, all at A$0.001. John Towner and Steve Hamer resigned; Robert Towner and Darren Bromley joined; Ted Farrell is chairman.
What it means for a shareholder
245m new shares at A$0.001 to raise about A$245,000. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0408% to 0.0371% of the company. To keep it you'd need 99,930 more shares - about A$100 at the issue price.
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