Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Aug 2016quarterly activities report● Neutral
June 2016 quarter: Cliff Head averaged 1,174 boepd; Triangle's 57.5% share of quarterly revenue was A$3.4M. Cash A$1.8M, no debt. Triangle's share of abandonment cost is estimated at A$28.3M, or A$10-17M after using PRRT credits above A$18M. The AGM, expected in November, will address a strategic review.
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.
29 Apr 2016quarterly activities report▲ Good
March 2016 quarter: Pase sale net cash inflow US$3.157M (A$4.208M), with US$1.019M held in escrow pending change-of-control approval. Triangle took Senex's 40% of Reids Dome for nil consideration, lifting its interest from 20% to 60% and becoming operator. Cash A$3.619M.
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.
27 Jan 2016quarterly activities report● Neutral
December 2015 quarter: cash A$86k. Completion of the Pase sale slipped from January to early February 2016. Queensland gave indicative approval for the Senex Reids Dome transfer. The MonTerra arbitration is noted; 104,061,089 shares were issued to directors.
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.
10 Dec 2015agm notice● Neutral
The meeting is now set for 24 December, and the chairman will vote undirected proxies in favour of the sale resolution, reversing the 20 November stance. A new proxy form comes with a second addendum.
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.
4 Dec 2015agm notice● Neutral
The 4 December general meeting is postponed again to a date to be advised, so shareholders can vote on a fully informed basis. No reason is given beyond that.
26 Nov 2015agm notice● Neutral
Chairman's address to the AGM recounting the Pase PSC signing, the PTEA sale and the later consortium offer. It says Triangle is in the final stages of Queensland approval to buy a further 40% of Reids Dome. No new figures.
24 Nov 2015agm notice● Neutral
Administrative notice: those registered at 5.00pm WST on 2 December 2015 can vote at the 4 December general meeting. No new substance.
20 Nov 2015agm notice● Neutral
The chairman will now vote undirected proxies against the PTEA sale resolution, reversing the earlier intention to vote in favour. Reasons are in a 20 November addendum. This is a procedural notice following the rival offer.
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.
6 Nov 2015agm notice● Neutral
The 6 November meeting on the PTEA sale is postponed to 4 December because Triangle has accepted a superior offer, subject to shareholder approval. This reopens a sale that had seemed settled.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: cash A$361,242, with PTEA working capital totalling A$1.166M to date. The Pase sale meeting is set for 6 November, and Reids Dome approval for the Senex 40% purchase is still awaited. Shares on issue unchanged at 3,194,962,382.
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.
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 2015quarterly activities report● Neutral
June 2015 quarter: cash A$239,614, 3,194,962,382 shares. The Pase PSC was signed on 22 May 2015, then on 31 July Triangle agreed to sell it to PT Enso Asia. The Goshawk ATP1186 farm-in was terminated in June 2015. Reids Dome approval still awaited.
