Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2017drilling result▲ Good
Triangle repeats the operator's news that Xanadu-1 hit hydrocarbon-bearing reservoirs at a total depth of 2035 m, extended from 1863 m. Wireline logging is to begin, and 7-inch casing is on its way in case results are positive. This duplicates the Norwest report.
18 Sept 2017drilling result▲ GoodMajor
Operator Norwest reports Xanadu-1 reached total depth of 2035 m (planned 1863 m) and intersected hydrocarbon-bearing reservoirs, with gas readings, oil shows and fluorescence. Wireline logging follows. Triangle's 30% share is unchanged. Early positive indication, not yet a confirmed discovery.
12 Sept 2017drilling progress report● Neutral
Xanadu-1 has drilled to 975 m with 244 mm casing cemented, and geology is in line with pre-drill expectations. Primary and secondary targets are expected to be reached later this week. No result yet from the 160 MMbbl prospect.
5 Sept 2017drilling spud▲ GoodMajor
Xanadu-1 spudded at 3pm on 4 September 2017, about 11 days ahead of the original forecast. Planned depth is about 1863 m, taking roughly 23 days. Triangle holds 30% of the 160 MMbbl oil prospect. Resolves the spud-date thread.
28 Aug 2017drilling scheduled▲ Good
Operator Norwest brings the Xanadu-1 spud forward to 5 September 2017, with the rig already on location and drilling expected to take 23 days. The 160 MMbbl prospect's date moves earlier than the second half of September. Triangle still holds 30%.
13 July 2017drilling scheduled▲ GoodMajor
Norwest, as operator, says Xanadu-1 is scheduled to spud in the second half of September 2017, after AWE's Waitsia program. Long-lead items are bought and service contracts are being finalised. Triangle holds 30% of the 160 MMbbl prospect. This gives a firmer date than earlier 'second half of 2017'.
13 July 2017drilling scheduled● Neutral
Triangle repeats that Xanadu-1 (TP/15, 160 MMbbl unrisked) is set to spud in the second half of September 2017, after the Waitsia wells, with most approvals done. Triangle funds 40% for 30%; Whitebark now named as a 15% partner. Largely restates the 13 July operator notice.
23 May 2017farm in farm out completion▲ GoodMajor
Triangle and Royal complete the purchase of ROC's 42.5% of Cliff Head, taking Triangle to 78.75% and operator. Triangle paid US$1.875M (A$2.5M), with about US$1.2M cash flow benefit since 1 January 2017. Triangle's total Cliff Head interest has cost about A$5.7M. Resolves the 31 March deal.
10 Feb 2017farm in farm out agreement▲ Good
Norwest signs a binding termsheet with 3C Group, which funds the last 40% of Xanadu-1 costs for 30% of TP/15, and raises A$500,000 at A$0.0024 a share. Completes the partner line-up for the 160 MMbbl prospect: Norwest 25% carried, Triangle 30%, Transerv 15%.
10 Feb 2017farm in farm out completion▲ GoodMajor
The TP/15 joint venture is now fully funded after Norwest farmed the last 40% to 3C Group, meeting the 15 February deadline. Triangle will earn 30% by paying 40% of Xanadu-1 costs. The 160 MMbbl prospect's drilling timing depends on approvals and rig availability.
23 Dec 2016farm in farm out agreement● Neutral
Norwest says the Xanadu-1 farmout termsheets with Triangle and Transerv are extended from 31 December 2016 to 15 February 2017, so Norwest can complete funding for the remaining 40%. Application to drill has been lodged. Third-party repeat of the Triangle extension.
23 Dec 2016farm in farm out agreement● Neutral
Triangle confirms the TP/15 termsheet end date is pushed from 31 December 2016 to 15 February 2017 while Norwest completes funding for the remaining 40%. Drilling application lodged; drilling still planned for 2017. Delays the deadline noted in earlier updates.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Norwest Energy signs a termsheet for Triangle to earn 30% of offshore permit TP/15 by funding 40% of the Xanadu-1 well, which targets 160 MMbbls of unrisked prospective resource. Farmout is due by 31 December 2016, otherwise Triangle has no interest.
23 Sept 2016farm in farm out agreement● Neutral
Transerv Energy's update on the same Norwest alliance: Triangle to earn 30% of TP/15 for 40% of well costs and Transerv 15% for 20%, so 60% of Xanadu-1 costs are funded. Drilling is aimed for 2017. Third-party repeat of the Triangle deal.
23 Sept 2016farm in farm out agreement▲ GoodMajor
Triangle announces its conditional farm-in to TP/15 to earn up to 30% by paying 40% of Xanadu-1 well costs, with cost caps. Not binding until Norwest completes the joint venture, expected December 2016. A$25,000 refundable payment made. Drilling planned 2017.
30 Oct 2014farm in farm out agreement▲ GoodMajor
Triangle farms into ATP1186 in Queensland's Surat Basin from Goshawk E&P: 50% for A$73,830 of past costs plus 120M shares, rising to 75% after a four-year programme (105 km of 2D seismic, two wells). Its first diversification step; Goshawk also gets a consulting agreement.
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.
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.
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.
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.
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.
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.
2 Oct 2008drilling spud▲ Good
Drilling starts on the Loopleegte coal project, near the south-eastern boundary of the licence, aiming to define a JORC-compliant resource. This is the first exploration work on the property, which has no previous drilling.
