6 Sept 2024director officer appointment● Neutral
Geraldine Holland of Nexia Perth is appointed Joint Company Secretary alongside Henko Vos, effective 6 September 2024. An administrative change with no effect on operations.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2024investor presentation● Neutral
August presentation after the dry Booth-1 well: Becos-1 (5 MMbbl mid-case) is planned for Q4 2024 and a third well in 2025, both subject to approval and a rig. Cites about A$6M cash and says Booth-1 was drilled in 7 days versus 14 planned. Text is truncated.
7 Aug 2024drilling result▼ BadMajor
Booth-1 reached 2,812m and found no moveable hydrocarbons in any target, a dry hole, ending the 279 Bcf best-estimate prospect. It was drilled ahead of schedule and below budget. Triangle now turns to Becos-1 and reassesses the third-well options in L7.
7 Aug 2024drilling result▼ Bad
Partner Strike Energy repeats Triangle's result: Booth-1 reached 2,812m with no moveable hydrocarbons and will be plugged and abandoned. No new information.
7 Aug 2024drilling result▼ Bad
Partner Echelon Resources (formerly NZO) notes the dry Booth-1 well, saying all key reservoirs were drilled with no moveable hydrocarbons. It plans to pursue the separate Becos prospect with the joint venture. No new information on Triangle.
31 July 2024drilling spud● NeutralMajor
Booth-1 has spudded in L7, the first well drilled in Triangle's permits in 30 years. Target is gas with 279 Bcf best-estimate gross potential, to 2,900m measured depth in about three weeks. This starts the drilling campaign flagged in the capital raisings.
31 July 2024drilling spud● Neutral
Partner Strike Energy announces the Booth-1 spud in L7, repeating Triangle's announcement. Triangle holds 50% and is operator; Strike 25%; Echelon (formerly NZO) 25%. No new information.
30 July 2024capital raising announcement● NeutralMajor
Triangle raised A$4M through a placement of about 266.7M shares at 1.5c, an 11.8% discount to the last close, with one free option (2.5c, expiring June 2025) per share, subject to approval in mid-September. Funds go to Perth Basin drilling and working capital.
What it means for a shareholder
267m new shares at A$0.015 to raise about A$4.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00369% to 0.00321% of the company. To keep it you'd need 9,829 more shares - about A$147 at the issue price.
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23 July 2024asset acquisition disposition● Neutral
Pilot's own announcement confirms the amended Cliff Head deal, with assets transferring in two stages: Arrowsmith land and facilities first for A$4.5M, the offshore interests later for A$4.0M once NOPTA approves. Repeats Triangle's 23 July terms.
23 July 2024asset acquisition disposition▲ GoodMajor
Revised Cliff Head sale to Pilot lifts total consideration to up to A$16M: A$4.5M for Arrowsmith land and facilities (mid-Oct to 31 Dec 2024), A$4.0M on injection licence, up to A$7.5M royalties. Production stops (non-production phase) from August 2024; Pilot reimburses costs from 1 August.
22 July 2024drilling scheduled● Neutral
Triangle took possession of the Ventia 106 rig for Booth-1 and expected to spud around 31 July 2024, slightly later than the mid-to-late July window given earlier. The best-estimate gas potential was 279 Bcf gross, and discussions continued to secure a rig for Becos.
22 July 2024joint venture update● Neutral
Partner NZO (now to become Echelon) re-releases the rig mobilisation news for Booth-1, saying drilling should start the week of 23 July and take up to three weeks. No new information on Triangle's position.
28 June 2024asset acquisition disposition● Neutral
Triangle and Pilot are discussing extending the 30 June 2024 sunset date on the Cliff Head sale so the deed can be changed to meet NOPTA's approval process. Consideration stays up to A$15M; Booth-1 is expected to spud late July.
14 June 2024asset acquisition disposition▲ GoodMajor
The federal minister approved the Cliff Head carbon storage declaration, satisfying a key condition of the sale of Triangle's 78.75% to Pilot. Triangle is to receive A$3M cash, A$4.5M on the injection licence and up to A$7.5M royalties. Transfer still needs regulator approval.
12 June 2024joint venture update● Neutral
NZO re-releases Triangle's 12 June Booth-1 timing update: rig release in early July, drilling mid to late July 2024. No new information.
12 June 2024drilling scheduled● Neutral
Booth-1 start has slipped to mid–late July 2024 as the Ventia 106 rig is released from its current operator in early July. All approvals are received. The well is expected to take 22 days to reach 2,900m; a rig for Becos is still being negotiated.
18 Apr 2024joint venture update● Neutral
NZO re-releases Triangle's rig announcement, adding that all approvals are obtained, Booth-1 starts late June 2024, and NZO's net cost is forecast at A$4.55M under the farm-in terms.
18 Apr 2024drilling scheduled▲ GoodMajor
Triangle has contracted the Ventia 106 rig to drill Booth-1 in L7 in late June–July; Booth has 279 Bcf best-estimate gross gas potential. Triangle's share of the well cost is under A$1.5M. Becos, the second well, is expected in the September quarter, subject to approvals.
28 Mar 2024capital raising announcement▲ GoodMajor
The entitlement offer closed oversubscribed, raising A$1.52M by issuing 94.8M shares at 1.6c, with 47.4M free options (2.5c, expiring June 2025). This completes the A$6.5M raising begun with the February placement; funds go to Perth Basin drilling and working capital.
What it means for a shareholder
94.8m new shares at A$0.016 to raise about A$1.5m. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.00366% to 0.00347% of the company. To keep it you'd need 3,472 more shares - about A$56 at the issue price.
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13 Mar 2024half year report● Neutral
Half-year report to 31 December 2023 restates known items: 36 MMbbl of L7 oil prospects, the UK licences, and the Cliff Head sale to Pilot for about A$15M in stages. Visible text is truncated and shows no financial figures.
6 Mar 2024investor presentation● Neutral
Updated corporate presentation for investor lunches in Brisbane, Sydney and Melbourne, titled 'Drilling in Perth Basin'. The visible text carries no new results or figures; the slides are truncated.
29 Feb 2024capital raising announcement● Neutral
Letter to eligible shareholders in Australia and New Zealand outlining the entitlement offer already announced: 1 for 17 at 1.6c, record date 6 March, closing 25 March 2024, with a top-up facility. No new terms.
29 Feb 2024capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot take part in the 1-for-17 entitlement offer at 1.6c. Administrative notice; no action required and nothing new.
29 Feb 2024capital raising announcement● Neutral
Offer document for the entitlement offer announced 19 February: one new share for every 17 held at 1.6c, with one free listed option (2.5c, expiring 30 June 2025) per two new shares, raising about A$1.5M. Open 8 to 25 March 2024, not underwritten.
29 Feb 2024capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand that they cannot take part in the entitlement offer. Administrative notice; no action is required and there is nothing new.
19 Feb 2024capital raising announcement● NeutralMajor
Triangle has firm commitments for a A$5M placement at 1.6c per share, a 15.8% discount to the last close. A further entitlement offer of up to about A$1.5M follows on the same terms, with attaching options. Funds go to Booth and Becos drilling; drilling is now planned for Q2-Q3 2024.
13 Feb 2024investor presentation● Neutral
February investor presentation repeats the strategy: two Perth Basin wells in 1H 2024 largely paid for by Strike and NZOG, new ventures, and selling Cliff Head to Pilot for about A$15M. Cash about A$5M at 31 December 2023. No new results.
2 Feb 2024asset acquisition disposition▲ GoodMajor
A 50/50 joint venture with Orcadian Energy (operator) is offered a licence over nine UK Central North Sea blocks. The top two gas prospects, Glenlough and Breckagh, hold 269 Bcf best-estimate gross prospective resources. This adds a second UK asset; the work program is still to be agreed with the regulator.
11 Jan 2024joint venture update● Neutral
NZO re-releases Triangle's 11 January oil-prospect announcement for L7 and EP 437, noting its 25% interest and that its own technical work continues. No new information beyond Triangle's release.
11 Jan 2024resource reserve update▲ GoodMajor
Triangle's interpretation of the Bookara 3D seismic identifies 12 new oil prospects in L7 and EP 437; the 11 in L7 total 36 MMbbl best estimate gross (18 net to Triangle). Adds oil potential to the existing Booth gas prospect (279 Bcf). Drilling targeted mid 2024; Triangle's share of first three wells est. A$4M.