28 Sept 2011admin correction● Neutral
Re-release of the September corporate presentation, with a Competent Person's statement (Joseph Oravetz) added to slide 2. No other change stated.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2011regulatory community update● NeutralMajor
Two Aceh district governments gave letters of support for the Pase PSC renewal, which expires February 2012; a presentation to the Aceh Parliament is set for 19 September. A-1 is back on production but shows formation damage, and A-2 has gas in the wellbore but needs reperforating.
26 Aug 2011drilling progress report● Neutral
A-1 surface facilities are reinstated and flow back has begun to remove completion fluids. A-2 clearing preparations continue.
8 Aug 2011drilling progress report● Neutral
The work-over rig was released on 8 August after finishing operations. A-2 still needs lost circulation material cleared using rigless operations, so its test result remains outstanding.
2 Aug 2011drilling result● NeutralMajor
A-1 blockage at 6,600 feet was removed and the well cleared to 8,550 feet, opening an additional 1,900 feet of reservoir (earlier plan said 442 feet). A-2 could not be tested because lost circulation material is blocking the reservoir; clearing is planned.
29 July 2011quarterly activities report● Neutral
June quarter Pase production was 357.76 MMcf, slightly up on the prior quarter, with gross PSC gas revenue US$2.8m and cash of $8.815m. A-2 work-over is complete and awaiting testing; PSC renewal effort now centres on Aceh government approval.
14 July 2011drilling progress report▲ Good
A-2 work-over drilling completed 13 July, with new 4½-inch tubing run and pressure tested and a production tree installed ahead of flow testing. The rig is moving to A-1.
8 July 2011drilling progress report● Neutral
A-2 reached total depth of 9,230 feet with all cement plugs cleaned out; the new completion will be run next.
7 July 2011drilling progress report● Neutral
Two cement plugs drilled out of A-2 to 9,025 feet, with two plugs remaining. Progress update only.
30 June 2011drilling progress report● Neutral
Rig had drilled out A-2's cement plugs to 7,403 feet by 30 June; new chrome tubing follows once total depth is reached. No new result.
23 June 2011drilling spud▲ GoodMajor
Work-over operations began at Pase A-2 on 22 June 2011, starting with drilling out cement plugs. A-2 was a 1984 Mobil appraisal well never produced; tests flowed a maximum 23.9 MMcf/d. This starts the program flagged since December 2010.
6 June 2011drilling scheduled▲ Good
Work-over rig #88 has arrived at Pase and its substructure is up at A-2, with work-over expected to start in the third week of June. A-1 follows, to clear the blockage and open an additional 442 feet of reservoir.
29 Apr 2011quarterly activities report● Neutral
March quarter Pase production was 317.81 MMcf from three wells, affected by declining flow-rates and power failures. Gross PSC revenue was US$2.5m, cash was A$8.68m, and a Share Purchase Plan raised $387,250 for the workover program.
16 Mar 2011half year report● Neutral
Half-year to 31 Dec 2010 shows net profit of $1.84m and gas production of 1,301.6 MMcf, with monthly output falling from 297 MMcf in September to 121 MMcf in December. Work-over costs were funded from production revenue; PSC renewal talks continue on Medco's Block A terms.
24 Feb 2011capital raising announcement● Neutral
Formal terms of the 5.5c share purchase plan: record date 22 February, closes 17 March and shares quoted 24 March 2011. Applications may be scaled back if the $3.6m cap is exceeded. Repeats the earlier announcement.
24 Feb 2011other● Neutral
Sample application form for the share purchase plan, with offers from $2,000 to $15,000 at $0.055 per share. Administrative, with no new information.
24 Feb 2011drilling scheduled▲ Good
Work-over program now set to start in April 2011, A-2 first and then A-1. Directors expect the value to be realised in the second half of 2011. The document says Pase has produced 183 BCF to date against 498 BCF gas in place estimated by ExxonMobil in 2003.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter Pase production fell to 521.75 MMcf from 779.91 MMcf, hit by declining flow rates and power failures before the work-overs. Cash was $7.96m with no debt; Aceh's governor verbally backed the 20-year PSC renewal. Market cap about $70.7m at 5.3c.
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.
29 Oct 2010quarterly activities report● Neutral
September quarter Pase production was 779.91 MMcf from A-6, A-5 and A-1, with gross PSC revenue US$4.7m and cash of $6.88m, no debt. BPMIGAS recommended a 20-year PSC renewal; a blockage in A-1 means a work-over of A-1 and A-2 is planned.
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.
30 July 2010quarterly activities report▲ Good
June quarter: Pase production 681.0 MMcf from A-6 and A-1, cash $7.078m, no debt, gross PSC revenue US$5.4m. A-8 failed to flow because of high water cut and was abandoned as a producer. A-5 was reconnected in July.