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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2010quarterly activities report● Neutral
March quarter: Pase production 813.4 MMCF and gross revenue US$4.3m, up 81%. Output was 6.5 MMCFD at quarter end after A-5 was shut in to supply parts for A-1; A-8 has not flowed. Market cap $35m at 2.7c.
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.
28 Jan 2010quarterly activities report▲ Good
December quarter: Pase production 423.7 MMCF with output reaching 9.5 MMCFD, and receipts of $447k. Cash is $1.5m after raising $1.15m. The Loopleegte coal right expired 19 December 2009. Reids Dome continues. Operating income is expected to cover costs in the March quarter.
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.
30 Oct 2009quarterly activities report● Neutral
September quarter: the Triangle acquisition vote is set for the 19 November 2009 AGM. The convertible note raising was increased to $500,000, with $470,000 issued and $30,000 from chairman Wolanski subject to approval. Loopleegte and Reids Dome are under review.
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.
31 July 2009quarterly activities report● Neutral
June quarter: no spending on Loopleegte or Reids Dome. The report restates the 3 July conditional agreement to buy a gas asset in North Sumatra, which still needs due diligence, approvals and a $1.5m raising.
3 July 2009material agreement● NeutralMajor
Conditional heads of agreement to acquire a gas production asset in North Sumatra, Indonesia, subject to due diligence within 30 days, approvals and raising at least $1.5m. No price or vendor named; formal agreement is expected by end of July 2009.
30 Apr 2009quarterly activities report● Neutral
March quarter: repeats the Loopleegte drilling results (two of eight holes hit coal), Cordier's appointment as director and the continuing cost cuts. No Reids Dome spending. The financial year-end is corrected to 30 June. No new information.
18 Mar 2009drilling result▼ BadMajor
First-phase Loopleegte drilling: of eight percussion holes, six found no coal and two found coal (43 m and 10 m) on the eastern boundary. A fault displaces coal on the western half. A cored second phase is being considered, which tempers the earlier 120-240 Mt target.
13 Mar 2009half year report▼ Bad
Half-year to 31 December 2008: loss of $424,160, cash down to $402,786 from $1.68m at 2 July 2008. Capitalised exploration is $1.51m and the company has no debt. Non-executive directors suspended their fees.
3 Mar 2009director officer appointment● Neutral
Christian (Christo) Cordier, previously General Manager, becomes Executive Director. Peter Pawlowitsch steps down as Executive Director. Richard Wolanski remains chairman.
30 Jan 2009quarterly activities report● Neutral
December quarter: six percussion holes drilled at Loopleegte with assays awaited, and the Primero-1 well site rehabilitated at Reids Dome. A cost-cutting program cut pay for the executive director (40%) and general manager (30%).