Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Aug 2017quarterly activities report● Neutral
June 2017 quarter: Cliff Head produced 108,046 bbls (1,187 bopd) with A$7.01M gross sales, down from 1,301 bopd the prior quarter. Restates completion of the 78.75% purchase and Xanadu-1 spud timing. Reids Dome value strategy still described as gaining momentum.
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.
1 May 2017quarterly activities report▲ Good
March 2017 quarter: Cliff Head produced 1,301 bopd (748 net), up 17.1%, with A$8.10M gross sales (Triangle A$4.66M). CH13 workover costs are now settled. Xanadu-1 drilling is expected in the second half of 2017; the 78.75% Cliff Head deal is due to complete by 31 May.
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.
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.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter: Cliff Head averaged 1,111 bopd (639 net), with net sales of A$3.68M. The CH13 pump repair finished 22 December and output rose to 1,270 bopd in January. 2017 operating cost forecast US$35-37/bbl. Triangle has begun talks with advisers on Reids Dome.
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.
30 Nov 2016agm notice● Neutral
AGM chairman's address: Cliff Head produced 329,261 barrels for A$12.4M revenue in nine months to 30 September 2016. Shareholders asked to approve a 25-to-1 share consolidation (about 3.5 billion to 140 million shares) and rights for directors, as a reward for the Pase sale and Cliff Head purchase.
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.
1 Nov 2016quarterly activities report● Neutral
September 2016 quarter: Cliff Head averaged 1,128 bopd, with Triangle's share of revenue A$3.3M. Cash A$3.2M (A$3.8M at 30 June), no debt. A pump replacement on the CH13 well is under way, expected to lift output to 1,450-1,550 bopd.
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.
