Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2014capital raising announcement▼ Bad
Rights issue closed 23 June 2014 raising only about A$188,019 of the possible A$817,237: acceptances of A$147,471 plus A$40,548 of extra shares. Directors will try to place the remaining shortfall shares at A$0.001 within 3 months.
10 June 2014other● Neutral
Administrative notice that the rights issue offer document (one new share for every two held) was sent to shareholders on 6 June 2014. No new information.
4 June 2014investor presentation● Neutral
Amended June 2014 corporate presentation, replacing the 3 June version. Restates the goal of a 30-year Pase PSC, five six-month extensions, and production averaging 1.6 MMcf/d after expiry versus 4.9 before. Mostly known facts; the text is truncated.
3 June 2014admin correction● Neutral
Corrected foreign shareholder letter: the rights issue is one new share for every two held at A$0.001, and overseas holders are excluded. Fixes the ratio and amount errors in the earlier letter.
3 June 2014investor presentation● Neutral
June 2014 presentation restates the goal of a 30-year Pase PSC and says Triangle has had five six-month operating extensions. It cites 75 BCF reserves (SKK Migas estimate) and says production fell after expiry (average 1.6 MMcf/d versus 4.9 before). Mostly known facts.
30 May 2014admin correction● Neutral
Letter to overseas shareholders saying they are excluded from the rights issue. It contains errors in the offer ratio and the amount raised, corrected in a later release.
29 May 2014capital raising announcement● Neutral
Optionholder version of the rights issue notice: option holders must exercise before the record date (3 June 2014) to join the A$0.001 offer. Repeats the A$1M placement and planned board changes. Nothing new.
29 May 2014capital raising announcement▼ BadMajor
Notice to shareholders: the rights issue (up to A$817,237) plus a A$1M placement to sophisticated investors aims for about A$1.8M of working capital for 12 months. Placement could add up to 1 billion shares. Directors John Towner and Steve Hamer to retire, replaced by Robert Towner and Darren Bromley.
28 May 2014capital raising announcement▼ BadMajor
Triangle offers a non-renounceable rights issue of about 817m shares, one for every two held, at A$0.001 to raise up to about A$817,237. Not underwritten. Offer closes 23 June 2014. A far lower price than the 0.8c placement last September.
What it means for a shareholder
817m new shares at A$0.001 to raise about A$817,237. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0408% to 0.0306% of the company. To keep it you'd need 333,236 more shares - about A$333 at the issue price.
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14 Mar 2014half year report▼ Bad
Half-year to 31 Dec 2013: net loss A$2.196M (A$1.525M prior), sales revenue A$2.710M (A$3.989M) on declining wells, cash A$1.258M, no debt. Says more funds will be needed for 2014/15. Rob Lemmey resigned as director 18 Nov 2013.
10 Mar 2014material agreement termination▼ BadMajor
Triangle will drop its six Morocco exploration block applications, saying an ONHYM agreement is unlikely in the near term and no more resources will go to it. This ends the thread begun by the December 2012 letter of intent. It is now assessing other prospects.
24 Feb 2014regulatory community update● Neutral
SKK Migas extended Triangle's appointment as Pase operator for a further six months from 24 February 2014. The new PSC has still not been awarded to the APGE joint venture, so this only keeps operations going.
27 Nov 2013other● Neutral
Chairman's AGM address: Triangle still awaits the new Pase PSC, with Aceh representatives talking to MIGAS. Tony Anson replaces Rob Lemmey as Indonesia general manager. Morocco applications still await ONHYM review. A-1 acid job (~A$300,000) restored output to about A$200,000 revenue a month.
28 Oct 2013annual report● Neutral
Second release of the 2013 annual report in a different layout, with the same chairman's letter: 514.3 MMcf, US$6.706M revenue, APGE joint venture, temporary operatorship to February 2014. Repeats known facts.
16 Sept 2013annual report● Neutral
2012/13 annual report: production 514.3 MMcf and revenue US$6.706M. APGE joint venture (75/25 with PDPA) formed, and Aceh has applied to MIGAS for the PSC. Temporary operatorship runs to February 2014. A four-well drilling programme is planned for 2014/15 after award.
11 Sept 2013capital raising announcement● NeutralMajor
Triangle is raising A$1.5M through a placement of 187.5m shares at A$0.008 via CPS Capital, best endeavours. Funds go to working capital and fixing scale in the Pase A-1 well. Director participation needs approval at the November AGM.
What it means for a shareholder
188m new shares at A$0.008 to raise about A$1.5m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00877% to 0.00775% of the company. To keep it you'd need 16,448 more shares - about A$132 at the issue price.
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26 Aug 2013regulatory community update● Neutral
SKK Migas extended Triangle's appointment as temporary Pase operator for six months from 24 August 2013, or until a definitive operator is appointed. This keeps operations uninterrupted while the new PSC remains unawarded.
30 July 2013joint venture update▲ GoodMajor
Triangle agreed terms with Aceh-owned PDPA for joint venture company Aceh Pase Global Energy, 75% Triangle and 25% PDPA, to seek the new 30-year Pase PSC. It replaces the earlier 80/20 Aceh Global Energy vehicle, now dormant. The PSC is still not awarded.
18 Mar 2013investor presentation● Neutral
March 2013 Pase broker presentation repeats known facts: Aceh partner selection, a new 30-year PSC under negotiation, a four-well 2013/14 plan. Shows 1,425m shares and a A$19.6m market cap at 1.4 cents. Cash and receivables A$2.70m.
18 Mar 2013half year report● Neutral
Half-year to 31 Dec 2012: Pase gross revenue US$3.175M plus US$1.312M VAT and over-lifting refunds; production 345.2 MMcf. Restates Triangle's February 2013 Aceh selection and a planned four-well drilling programme in 2013/14. Morocco work programmes lodged. Mostly known facts.
18 Mar 2013investor presentation● Neutral
March 2013 Morocco presentation says Triangle would operate with 75% of all permits, ONHYM holding 25%, and is negotiating a minimum three-year work programme. This adds the interest split to the earlier non-binding letter of intent; nothing is yet binding.
18 Feb 2013regulatory community update▲ GoodMajor
The Aceh Government selected Triangle, the present operator, as its partner to operate the Pase Block after a seven-month tender. The government will now formalise this with the central government. Triangle operates until a new PSC is finalised; the PSC is not yet awarded.
6 Feb 2013other▲ Good
The Indonesian government will pay Triangle Pase US$1.029M, a true-up of over/under lifting for 2010 and 2011, expected in early March. It adds to US$1.44M of other government payments received over the last two months, boosting cash.
22 Jan 2013debt financing▲ GoodMajor
Triangle made the final US$770,295 payment on 7 January, fully redeeming the Standard Chartered convertible notes. Total repayments on the US$3.5M facility were US$3.93M, and the company now has no debt. Cash was A$2.605M at 31 December 2012. This ends the Tranche 2 prospect.
2 Jan 2013price query● Neutral
ASX queried a price rise from 0.7 to 1.2 cents. Triangle said it knows of no unannounced information explaining the trading and confirmed it complies with the listing rules.
12 Dec 2012material agreement▲ GoodMajor
Triangle signed a letter of intent with Morocco's ONHYM retaining six exploration blocks, 12,575 km2 onshore and 9,229 km2 offshore. Potential prospective resource is over 600 million barrels of oil in place and 140 Bcf of gas. It is non-binding; petroleum agreements remain to be negotiated, and it is a first move outside Indonesia.
25 Oct 2012annual report● Neutral
Second release of the 2012 annual report with the same chairman's letter: 842 MMcf production, PSC expired in February, new PSC pursued through the 80/20 Aceh Global Energy venture. Repeats known facts.
1 Oct 2012annual report● Neutral
2011/12 annual report: production was 842 MMcf from A-1, A-5 and A-6. After the PSC expired in February, Triangle chose to pursue a new PSC through the 80/20 Aceh Global Energy venture rather than renew. Drilling starts once a new PSC is granted.
7 Sept 2012admin correction● Neutral
Corrects the 5 September notice: 2,500,000 employee rights expired, not 2,000,000, due to staff termination and rationalisation.
5 Sept 2012security holder rights change● Neutral
2,000,000 employee plan rights expired because of staff termination and rationalisation. Administrative notice; the number was later corrected.
