Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2013quarterly activities report● Neutral
December quarter production was 161.7 MMcf, gross PSC revenue US$1.437M, cash $2.771M, no debt. Triangle is the shortlisted preferred partner for a new 30-year Pase PSC, and the 2013 work program is approved. The Morocco letter of intent is highlighted as diversification.
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.
26 Oct 2012quarterly activities report● Neutral
September quarter production was 183.5 MMcf, gross PSC revenue US$1.738M, cash $2.6M (from $5.2M) and market cap $6M. The A10 well AFE was approved. An 11-member Aceh adviser team is choosing the Pase operator; Triangle submitted its proposal.
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.
17 Aug 2012regulatory community update● Neutral
BPMIGAS confirmed this week that Triangle Pase Inc should keep operating the Pase PSC until a definitive operator is selected. No renewal has been granted; Triangle is working with the governments to be chosen as operator.
15 Aug 2012debt financing● NeutralMajor
Triangle redeemed 1,881,019 of its Tranche 1 convertible notes for US$2.0M, a 15% annual return to Standard Chartered, leaving 1,619,762 notes. Standard Chartered also gets 27m options at A$0.01 for 2 years, subject to FIRB approval.
27 July 2012quarterly activities report● Neutral
June quarter production was 185.2 MMcf from A-1, A-5 and A-6, gross PSC revenue US$1.735M, cash $5.2M (down from $6.69M), market cap $13M. Triangle ceased due diligence on ExxonMobil's Aceh assets; infill drilling targeted for 2013.
5 July 2012security holder rights change● Neutral
16,666,667 unlisted options exercisable at $0.03 expired on 30 June 2012. Administrative notice with no cash or share impact stated.
28 June 2012director officer appointment● Neutral
Standard Chartered nominee director Alastair Morrison resigned from the board. CFO Darren Bromley (CFO since April 2010) replaces Rae Clark as Company Secretary.
30 May 2012joint venture update▲ GoodMajor
Triangle registered Aceh Global Energy Pte Ltd in Singapore, owned 80% by Triangle and 20% by Aceh-government-owned PT Investa Aceh, as the vehicle to seek the new Pase PSC. This follows the April Investa Aceh agreement; the PSC is not yet awarded.
27 Apr 2012quarterly activities report▼ Bad
March quarter production was 198.73 MMcf, revenue US$2.04m, cash $6.69m, market cap $24m. The PSC expired 22 February; Triangle operates under a six-month BPMIGAS instruction. A side-track of A-2 now looks more attractive than reperforation; infill drilling is targeted for 2013.
27 Apr 2012material agreement● NeutralMajor
Triangle signed an exclusive memorandum of agreement with PT Investa Aceh, owned by the Aceh government, on future management and operation of the Pase area. Investa Aceh will seek a new PSC from the central government, changing the route from Triangle's own renewal.
14 Mar 2012half year report● Neutral
Half-year report to 31 December 2011: production 463.35 MMcf, with A-1 and A-2 reperforation failing to restore flow. 2012 work budget approved, with spending approval following PSC renewal. Sierakowski resigned; Morrison and Godfrey were appointed. Financial figures were not visible in the text.
20 Feb 2012regulatory community update▼ BadMajor
With the Pase PSC due to expire, regulator BPMIGAS told Triangle on 17 February 2012 to keep operating the block for six more months while a decision is made. The 20-year renewal sought since 2010 is not granted; a working agreement is being finalised.
14 Feb 2012agm notice● Neutral
Chairman's address to the 14 February general meeting, called to approve conditions of the Standard Chartered convertible notes. He could not comment on the Pase PSC renewal beyond saying progress is being made.
30 Jan 2012quarterly activities report● Neutral
December quarter production was 233 MMcf, revenue US$2.8m, cash $7.5m after a $2m placement and the US$3.5m note tranche. A-1 and A-2 reperforation failed to lift flow, so propellant stimulation is being considered. 2012 work program approved by BPMIGAS; PSC renewal still pending.
12 Dec 2011director officer appointment● Neutral
Alastair Morrison, global head of Standard Chartered Private Equity, joined the board on 7 December 2011, with Peter Godfrey as his alternate. This follows the convertible note deal. Neither holds shares.
8 Dec 2011debt financing▲ GoodMajor
Standard Chartered Private Equity agreed to subscribe up to US$10m of convertible notes: US$3.5m now, US$6.5m later subject to shareholder, FIRB and PSC renewal conditions. Notes convert at A$0.03, pay 8%, mature in 3 years. Full conversion would give about 18.3%.
24 Nov 2011agm notice● Neutral
AGM chairman's address: FY11 revenue $16.8m and net profit $0.39m. BPMIGAS has approved the 2012 work program and budget, with development and exploration to follow PSC renewal next year. Renewal is still pending.
24 Nov 2011investor presentation● Neutral
AGM presentation repeats the Pase story and AGM resolutions, including approval to issue up to 270m shares. It says Triangle is conducting due diligence on ExxonMobil's planned sale of Aceh assets (NSO, Block B, 30% of Arun LNG plant). Exploration upside is also highlighted.
28 Oct 2011quarterly activities report▼ Bad
September quarter production fell to 224.96 MMcf (June quarter 357.76) as work-overs disrupted flow; revenue US$2.3m. Cash fell to $4.87m from $8.815m. A-1 shows formation damage needing acid stimulation; A-2 has gas but awaits reperforation. The 2012 work budget was lodged with BPMIGAS.
25 Oct 2011annual report● Neutral
Full 2010/11 annual report. Production was 1,977 MMcf from A-1, A-5 and A-6; the work-over rig phase finished August 2011 with clean-up under way. Exploration is to start once the Pase PSC renewal is granted. Repeats the earlier summary of the year.
5 Oct 2011director officer appointment● Neutral
Non-executive director Adam Sierakowski resigned, citing new opportunities in resources. He joined the board in October 2009 and helped with the Triangle Energy Limited acquisition. His final notice shows 7,106,945 shares directly and 7,577,500 via Trident Capital.
3 Oct 2011annual report● Neutral
2011 annual report: FY production 1,977 MMcf versus 2,038 MMcf the prior year. Rig operations finished in August and clean-up continues; PSC renewal still pending. Lemmey is listed as executive director.
28 Sept 2011investor presentation● Neutral
September 2011 corporate presentation restates the Pase story and lists reserve estimates: BPMIGAS 79 Bcf remaining, ExxonMobil 2003 estimate 119 Bcf. A CEO, Duncan Nuttall, is shown in management. No new announcements in the visible text.
