Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2022drilling progress report▲ GoodMajor
3D seismic survey over L7 and EP 437 starts, with recording due early May; the contract was signed with Terrex on 15 April and is said to be fully third-party funded. Triangle also signs to buy Pilot's 13.058% of EP 437, a first step toward 100%.
12 Apr 2022resource reserve update▲ GoodMajor
Triangle lifts L7 prospective resources to 617 Bcf gas (best, 100%, from 165 Bcf) plus 19 MMbbl oil. Net to Triangle's 50% is 309 Bcf and 10 MMstb. Unrisked, undiscovered estimates, and a farm-out partner is sought.
28 Oct 2021resource reserve update▲ GoodMajor
Cliff Head reserves, withdrawn in November 2020 after the BP Kwinana news, are reinstated at 30 June 2021: net 2P of 0.81 MMstb, because the BP Singapore offtake gives a basis for them. 2C contingent resources are 3.47 MMstb, with a new Western Development estimate.
20 Aug 2021resource reserve update▲ GoodMajor
Triangle reports its first prospective resource estimate for Mt Horner L7: 24.5 MMstb gross oil (15.9 MMstb net at 50%) across 18 prospects and leads, plus 165 bcf gross gas (83 bcf net). Bookara 3D seismic is planned for December 2021/January 2022; the Key purchase is not yet complete.
15 Mar 2021resource reserve update● NeutralMajor
Triangle re-confirms its 29 Oct 2020 Cliff Head resource estimates, with no material change: net 2.97 MMstb contingent and 7.30 MMstb prospective (best estimates, 78.75% share). Reserves stay withdrawn pending oil marketing outcome. Farmout talks continue; satellite wells target 1H 2022.
9 Nov 2020farm in farm out agreement▲ Good
Pilot's release of the same deal: it sells Triangle 78.75% and operatorship of WA-481-P for A$300,000 cash plus a free carry through the Year 3 work program. Pilot cites gross prospective resources of 215 mmbbls oil (best estimate) near Cliff Head. Third-party release.
9 Nov 2020farm in farm out agreement▲ GoodMajor
Triangle agreed to buy 78.75% and operatorship of offshore Perth Basin permit WA-481-P (8,605km2, next to Cliff Head) from Pilot for A$300,000 plus carrying Pilot's costs up to A$1.22M. It also forms a wind and solar JV (Pilot 80%, Triangle 20%). Cut-off 15 March 2021.
29 Oct 2020resource reserve update● NeutralMajor
A reserves review, validated by RISC Advisory, put Cliff Head 2P reserves at 1.13 MMstb net to Triangle at 30 June 2020, with economic life to mid-2026 (earlier 1.71 MMstb gross-basis figure from 2019). A farmout was started for West High, SE Nose and Mentelle Updip drilling, targeted for 1H 2022.
23 Apr 2020resource reserve update▲ GoodMajor
Cliff Head Renewal Project completed: 2C contingent resources of 3.52 MMstb gross (2.77 net) and prospective resources of 9.46 MMstb gross. Mentelle Updip upgraded to 5.2 MMstb from 3.3, with 38% chance of discovery. Three drilling targets identified; drilling timing depends on oil price.
24 Oct 2019drilling result▼ BadMajor
Operator Norwest says the new 40km2 Xanadu 3D seismic shrinks the updip area north of Xanadu-1, so commerciality there is likely marginal. The downdip area has more potential but is high risk. Contingent Resources are not yet determined; further studies are needed. Triangle holds 45%.
2 Oct 2019farm in farm out completion▲ GoodMajor
The last condition, landowner consent, was met and the Mount Horner L7 farmout completes from 7 October 2019. Triangle must submit a work programme within 45 days, with at least 50 km2 of 3D seismic and two wells within 24 months, to earn 50%. It funds up to US$3M.
29 Aug 2019resource reserve update▲ GoodMajor
Near-field targets at Cliff Head were upgraded from prospective to contingent resources: West High 1.42 MMstb (2C, gross) and SE Nose. Investment decisions are planned for December 2019, with drilling in Q4 2020/Q1 2021. Follows the July 2018 prospective estimates.
12 July 2019drilling result▲ GoodMajor
Acquisition of the Xanadu 3D seismic survey in TP/15 finished on 11 July. Processing is under way, with final interpreted results due by October 2019, and will shape the appraisal well decision. Triangle owns 45%.
28 June 2019drilling progress report● Neutral
Xanadu seismic eastern panel was finished on 24 June after weather delays, and the western panel is under way. Regulator approved running into July. Data quality is described as encouraging; interpreted results still expected by October 2019.
31 May 2019drilling progress report▲ Good
Norwest says the contractor has started acquiring the 40 km2 Xanadu 3D seismic survey in TP/15, due to finish by end June. Early interpreted results are expected by October 2019 and will guide a possible appraisal well. Triangle holds 45%.
21 Feb 2019drilling scheduled▲ Good
Operator Norwest got State approval for the 40 km2 Xanadu 3D seismic survey in TP/15, where Triangle is 45% owner after the Xanadu-1 discovery of 2017. Mobilisation is expected mid-April, acquisition from early May, with results in Q4 2019.
31 Oct 2018farm in farm out agreement▲ GoodMajor
Triangle signed a farmout with Key Petroleum to earn 50% of the Mt Horner L7 onshore Perth Basin licence. It must fund the first US$3M of a 3D seismic and two-well program. The field produced about 1.7M bbl before shut-in in 2011. Subject to approvals.
31 Oct 2018farm in farm out agreement● Neutral
Key Petroleum's own announcement of the L7 farmout to Triangle, repeating the terms: Triangle funds up to US$3M for 50%. Adds that Key will initially operate and that workovers and drilling are expected to start early in 2019, subject to approvals.
25 Oct 2018farm in farm out agreement● Neutral
Seller Whitebark confirms the sale of its 15% of TP/15 to Triangle for up to A$5M, matching Triangle's terms (A$3M upfront, A$2M milestones). Whitebark plans to put proceeds into Canadian oil projects. Nothing new for Triangle.
25 Oct 2018farm in farm out agreement▲ GoodMajor
Triangle agreed to buy Whitebark's 15% of TP/15 (the Xanadu oil discovery permit), lifting its interest from 30% to 45%. Upfront price is A$3M (A$2M cash plus 11.19M shares worth A$1M), with A$1M more on reserves above 8M bbl and A$1M on first oil. Completion needs approvals.
10 July 2018resource reserve update▲ GoodMajor
Static model shows up to 29M bbl of prospective oil in place in seven near-field targets at Cliff Head, equal to 10.2M bbl best-estimate prospective resource (unrisked). Chance of success is 13.3% to 33.3%; drilling is planned in 2019.
2 July 2018resource reserve update▲ GoodMajor
Triangle finished static modelling of Cliff Head, indicating possible extra resources and reserves in already producing reservoirs. Recovery to date is 28% (15.8M bbl produced), potentially 35-40%. No volumes booked yet; dynamic modelling is due around August 2018.
14 Nov 2017drilling progress report▲ Good
Triangle reports final Xanadu-1 assays match Cliff Head oil. The joint venture agreed to 3D seismic, possibly late Q1 2018, with Xanadu-2 planned up-dip. Reservoir study and volume estimates follow in Q1 2018; no volumes yet.
14 Nov 2017drilling progress report▲ Good
Operator Norwest reports Xanadu oil assays match Cliff Head oil and the joint venture is planning 3D seismic, possibly late Q1 2018. A reservoir study is due Q1 2018; a discovery report is due 26 Dec 2017. Duplicates Triangle's own release.
11 Oct 2017drilling progress report● Neutral
Partner Whitebark reports Canadian drilling results and says the Xanadu joint venture is evaluating the discovery and planning seismic and appraisal wells. Triangle is not the author; nothing new on its 30% Xanadu share beyond planning.
10 Oct 2017drilling progress report● Neutral
Norwest says Xanadu oil assay results are delayed by a laboratory backlog. They were expected the week of the 25 September announcement. It has lodged the discovery notice with the WA minister. No new results.
25 Sept 2017drilling result▲ GoodMajor
Logs and oil samples confirm an oil discovery at Xanadu-1: three sands with 41-66% oil saturation, 4.6 m net pay in the top sand, and oil pumped to surface. An up-dip side-track is planned. Resolves the Xanadu-1 result thread; Triangle holds 30%.
25 Sept 2017drilling result▲ Good
JV partner Whitebark repeats the Xanadu-1 oil discovery: 4.6 m net pay in the top sand, oil samples to be assayed, and a lateral or side-track well planned. This duplicates the operator's results; Triangle is not the author.
25 Sept 2017drilling result▲ GoodMajor
Triangle confirms the Xanadu-1 oil discovery, the first in the offshore Perth Basin since Cliff Head over 15 years ago per management. Xanadu lies 14 km from Cliff Head and the Arrowsmith plant, which has spare capacity (about 1,200 of 15,000 bopd used). An up-dip side-track is planned.
22 Sept 2017drilling progress report● Neutral
Operator Norwest says Xanadu-1 logging is continuing and the market will be updated when it finishes. There are no new results. Triangle's interest remains 30%.
