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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
Create a free account to see this worked out for your own holding.
30 Apr 2014quarterly activities report▼ Bad
March quarter: production fell to 56.2 MMcf (82.2 prior), revenue US$0.926M, cash A$0.899M. Cost cutting started after an operations review. CEO Duncan Nuttall resigned. Pase PSC award still pending.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter: production 82.2 MMcf, gross revenue US$1.713M, cash A$1.258M, down from A$2.835M in September. Pase PSC award to the APGE joint venture still pending; Morocco review still awaited. Management is assessing acquisitions to diversify.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter: production 82.8 MMcf, revenue US$1.050M, cash A$2.835M. A-1 production restored after an acid job. The A$1.5M placement completed at A$0.008; 173.75m shares issued, 13.75m await AGM approval. Operatorship runs to 24 February 2014. PSC award still pending.
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.
Create a free account to see this worked out for your own holding.
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.
31 July 2013quarterly activities report● Neutral
June quarter: production 80.5 MMcf, revenue US$1.899M, cash A$2.126M. Production fell in June from scale build-up in the A-1 well. The 75/25 PDPA joint venture agreement was signed 27 July. Morocco applications are still awaiting ONHYM review.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: Triangle signed an MOA with Aceh government company PDPA on 23 April to progress the Pase PSC. Gross revenue US$1.754M, cash A$2.345M. Production reported as 88.6 MMcf, down from 161.7 because ExxonMobil maintenance cut January-February output. Morocco applications lodged.
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.