Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2011capital raising announcement● NeutralMajor
Share purchase plan at 5.5c per share, a 15.38% discount to the 6.5c close, capped at $3.6m with up to $15,000 per eligible holder. Funds go to the A-1 and A-2 work-overs and working capital. First raising since the Triangle deal.
21 Dec 2010other● Neutral
Revised securities trading policy for directors, staff and contractors, covering insider trading rules and approval before dealing. Administrative, with no financial or operational news.
21 Dec 2010capital raising announcement● Neutral
Shares on issue rise to 1,328,155,546 after 14.3m options were exercised at 3c (about $430k) and 17.5m shares were issued on vesting of share rights. A further 25m performance rights were granted, vesting when the PSC renewal is granted.
17 Dec 2010drilling scheduled▲ GoodMajor
Details of the 2011 work-over: A-1 will be cleared of a blockage, opening 442 feet of lower perforations, and A-2 re-completed with a new chrome string. BPMIGAS has approved it, with an acid treatment on A-1 within two months and operations targeted for early Q2.
26 Nov 2010investor presentation● Neutral
AGM chairman's address and presentations restate FY10 revenue of $14.4m, net profit of $6.9m and $7m cash with no debt. A-1 and A-2 work-overs are expected to lift gas output. Resolutions included a change of auditor and ratification of a placement.
28 Oct 2010annual report● Neutral
Re-issued 2010 annual report with the same chairman's letter. The PSC renewal timing is still uncertain, and Lemmey is now listed as a non-executive director.
29 Sept 2010annual report● Neutral
2010 annual report, the first as Triangle Energy: it describes the transformation from small explorer to gas producer at Pase. Renewal of the PSC (expiring February 2012) is the key focus, with timing uncertain. Undrilled targets include Pase-A7 and A-2.
9 Sept 2010dividend declaration● Neutral
Clarifies the maiden dividend: 0.2316 cents per share, unfranked, paid from conduit foreign income on 30 September 2010. There is no dividend reinvestment plan. Repeats earlier details.
7 Sept 2010dividend declaration▲ GoodMajor
Maiden dividend of 0.2316 cents per share, unfranked, record date 16 September and paid 30 September 2010. Full-year net profit of about $7m is forecast on revenue over $14m. First payout since the Pase acquisition.
25 Aug 2010other▲ GoodMajor
Guidance for the year to 30 June 2010: revenue of about A$12-14m and EBITDA of A$6-7m, attributed to the Triangle acquisition and unexpectedly strong gas from reconnecting three wells. Accounts are not yet audited.
25 June 2010director officer appointment▲ Good
Andrew Gould is appointed General Manager from 1 August 2010, and Darren Bromley, who joined as CFO in April 2010, is announced. The company says it has been cash-flow positive since early 2010.
30 Apr 2010other● Neutral
Unmarketable parcel sale completed: 1,845,438 shares sold at 2.9c on 21 April 2010, and shareholders fall from about 1,490 to about 775. Closes the register-tidy-up opened in February. Administrative.
18 Mar 2010investor presentation● Neutral
March 2010 broker presentation on Pase: about 10 MMCFD from wells A-5 and A-6, A-8 targeted online end-March and A-1 in April. Repeats the PSC expiry of 23 February 2012 and the renewal application. Mostly known facts.
16 Mar 2010half year report▲ Good
Half-year to 31 December 2009 shows a net profit of $1,059,503 and Pase production of 544.2 MMCF. This is the first profit report since the Triangle deal and the Pase restart. It confirms the PSC now runs to February 2012.
4 Mar 2010regulatory community update▲ GoodMajor
Indonesian regulator BPMIGAS verbally confirmed the Pase PSC now expires 23 February 2012, not 11 February 2011, adding 377 days for ExxonMobil's earlier force majeure. A 20-year renewal application was lodged 5 February 2010. Formal notice is still to come.
19 Feb 2010other● Neutral
Company plans to sell shareholdings worth under $500 to cut registry costs. Holders have until 9 April 2010 to return retention notices, with proceeds paid by 30 April. Administrative.
19 Feb 2010other● Neutral
Company announces a sale of shareholdings worth under $500 to cut registry costs; 910 of 1,490 holders are affected at 3.5c. Retention notices are due 9 April 2010, with proceeds paid by 30 April. Administrative.
29 Jan 2010director officer appointment● Neutral
Country Manager Indonesia Rob Lemmey, appointed in December 2009, joins the board as a director. He was formerly with Halliburton for 32 years.
18 Jan 2010director officer appointment● Neutral
Director Frank Jacobs resigns from the company and its subsidiaries Triangle Energy Limited and Triangle Pase Inc, only weeks after joining the board. No reason given.
15 Jan 2010investor presentation● Neutral
January 2010 presentation on the Pase gas contract: 100% interest bought from Mobil effective 1 June 2009, gas now about 9.8 MMCFD from two wells, two more wells planned for the March quarter 2010, and a PSC renewal application. Mostly repeats known facts.
17 Dec 2009production update▲ GoodMajor
Pase A6 well, shut in for three years, restarted in October 2009 and made 5.5 MMCFD with no water in November. With A5 reconnected, capacity is 7.3 MMCFD. A water treatment pond is being built. Rob Lemmey becomes Indonesia country manager.
17 Dec 2009admin correction● Neutral
Re-release of the 17 December Pase operations update correcting a unit in the first bullet to MMCFD. No other change to the content.
11 Dec 2009other● Neutral
Company launches a new website, triangleenergy.com.au, to carry production figures and shareholder newsletters. No business substance.
7 Dec 2009other● Neutral
Name change from Maverick Energy to Triangle Energy (Global) Limited is effective, and the ASX code changes from MRK to TEG from 8 December 2009. Follows the shareholder approval and completes the Triangle deal.
3 Dec 2009farm in farm out completion● NeutralMajor
Triangle Energy Limited acquisition completed. Shares were consolidated 3-for-1, consideration shares issued to vendors, and convertible notes converted into 92,000,000 shares. The company now has 1,275,264,540 shares and 21,666,666 options at 3c.
23 Nov 2009director officer appointment● NeutralMajor
Board handover completed: Wolanski and Christie resign, and Triangle's nominees Towner, Jacobs, Hamer and Johnson join with Sierakowski. Rae Clark replaces Mark Clements as secretary, and the registered office moves to Cottesloe. This follows the Triangle deal.
19 Oct 2009annual report● Neutral
Annual report for year to 30 June 2009: loss of $604,267. Loopleegte coal showed promise, but spending was cut after the financial crisis. Reids Dome stays at 20%, with the partner interest assigned to Wharf Resources. The Triangle gas deal is described as progressing.
9 Oct 2009director officer appointment● Neutral
Executive Director Christian Cordier resigns and lawyer Adam Sierakowski joins the board. Sierakowski was already named in the Triangle deal as a incoming director, so this starts the board changes early.
15 Sept 2009business combination▲ GoodMajor
Formal agreement signed to buy 100% of Triangle Energy Limited, owner of the PASE gas contract in North Sumatra (about 1.9 MMCF/D), for 1,018,300,000 post-consolidation shares. Triangle's directors would take over the board; shareholder approval is needed. This turns the company from a coal explorer into a gas producer.
11 Aug 2009material agreement▲ GoodMajor
Due diligence on the North Sumatra PASE gas asset is complete and a formal agreement is being prepared. Maverick will loan the vendor, Triangle Energy Limited, $400,000 (first $150,000 paid), funded by a $400,000 convertible note convertible into 40 million shares at 1c.
