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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Jan 2024quarterly activities report● Neutral
December quarter: cash fell to A$5.24M from A$7M. Cliff Head averaged 506 bopd because wells were shut in for testing; the Pilot sale still awaits NOPTA approval. Cragganmore licence P2628 has been awarded, and environmental plans for Booth and Becos are lodged.
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.
22 Dec 2023production update▼ Bad
Annual integrity testing shut in Cliff Head wells, so production is reduced. CH-6 and CH-13 are back at about 250 bopd; CH-12 is expected to add about 200 bopd by end January, and CH-7 needs a valve fix (about 150 bopd). The A$15M sale to Pilot is described as well advanced.
23 Nov 2023farm in farm out completion▲ GoodMajor
NZO confirms regulatory approvals are received and its farm-in to 25% of L7 and EP 437 is complete. This clears the approvals outstanding since the March agreement; Triangle remains 50% operator with Talon 25%. Drilling is still planned for 2024.
22 Nov 2023investor presentation● Neutral
AGM presentation repeats the strategy: drill three Perth Basin wells in 1H 2024 funded by Talon and NZOG, and divest Cliff Head to Pilot for about A$15M. Cash A$7M at September 2023. No new results.
7 Nov 2023other● Neutral
Registry report listing top holders of the 159.6M unlisted A$0.025 options, expiring 30 June 2025. The top 20 hold 74.88%. Administrative only; no business news.
3 Nov 2023asset acquisition disposition▲ GoodMajor
A 50/50 joint venture of Triangle and Athena (operator) is offered five UK West of Shetland blocks containing the Cragganmore gas discovery (best-case 527 Bcf gross, 263 Bcf net to Triangle). It adds a UK asset to the Perth Basin portfolio; the work program is yet to be finalised.
26 Oct 2023quarterly activities report● Neutral
September quarter: cash fell to A$7M from A$10.8M. Cliff Head averaged 521 bopd. The CH-10 workover was abandoned and the well suspended after a bridge plug could not be recovered. Environmental plans for Booth and Becos are lodged; Philippines contract talks have begun.
9 Oct 2023drilling scheduled▲ GoodMajor
The L7/EP 437 joint venture (Triangle 50%, Talon 25%, NZO 25%) has ordered casing and wellheads for two wells, with Booth (gas, mid-case 279 Bcf) first and Becos (oil, 5 MMbbl) second. Farm-in transfers are approved. No rig date is set yet.
29 Sept 2023annual report● Neutral
Corporate governance statement for FY2023 against ASX recommendations, with Appendix 4G. Administrative disclosure; notes no women on the board or among senior executives. No new business information.
29 Sept 2023annual report● Neutral
Annual report for year to 30 June 2023 with directors' report, financial statements and corporate directory. The board is unchanged: Hancock, Todd and Collins. Text provided is truncated, so no financial figures are reported here.
6 Sept 2023investor presentation● Neutral
Good Oil Conference presentation repeats known facts: three Perth Basin wells targeted 1H 2024 paid for by Talon and NZOG, and the Cliff Head sale to Pilot (~A$15M). It states the sale removes an abandonment liability of about A$20M (company's figure). No new results.
31 July 2023quarterly activities report● Neutral
June quarter: cash fell to A$10.80M from A$12.17M. Cliff Head averaged 587 bopd; A$5.5M gross received for the fourth cargo. 2P reserves 0.39 MMstb net. Triangle applied for UK 33rd-round permits and one in Asia. CH-10 workover is delayed.
27 July 2023asset acquisition disposition● NeutralMajor
Triangle agrees to sell its 78.75% of Cliff Head to Pilot, replacing the October 2022 60/40 deal. It receives A$3M on the storage declaration, A$4.5M on the injection licence, and up to A$7.5M in royalties, about A$15M in total. Completion is expected early 2024, with Triangle refocusing on Perth Basin exploration.
27 July 2023asset acquisition disposition● Neutral
Joint Pilot/Triangle release repeating the 27 July revised deal: Pilot buys Triangle's 78.75% of Cliff Head via subsidiaries including operator TEO, for about A$15M (A$3M, A$4.5M, up to A$7.5M royalties). Completion expected early 2024. Duplicate of Triangle's own release.
2 May 2023admin correction● Neutral
Triangle re-lodges its March quarter Appendix 5B on a newer form version. No numbers or comments changed. Administrative only.
28 Apr 2023quarterly activities report▲ Good
March quarter: cash rose to A$12.17M from A$7.51M after oil sale receipts and the NZO and Talon farm-ins. Cliff Head averaged 600 bopd, and the CH-10 workover is now expected to mobilise in early May. Final 31M shares went to Key; the 4th cargo loads 30 April.
30 Mar 2023asset acquisition disposition● Neutral
Key Petroleum says it received the final 31,378,015 Triangle shares for its L7 and EP 437 interests and sold them on market on 27 March for about A$562K net. This closes out the Key purchase begun in January 2021, and these shares were sold into the market.
27 Mar 2023resource reserve update▲ Good
Talon reports the same preliminary prospective resources for L7's three gas prospects, each over 50 Bcf, all near the Dampier-Bunbury pipeline. The joint venture plans to drill the two best in 2024, possibly accelerated to early 2024. Largely duplicates Triangle's release.
27 Mar 2023joint venture update● Neutral
NZO says Triangle gave the joint venture a technical update on early Bookara 3D seismic findings, which it describes as in line with expectations. Refers readers to Triangle's 27 March release; adds no new numbers.
27 Mar 2023resource reserve update▲ GoodMajor
First interpretation of the Bookara 3D seismic high-grades four drilling prospects for 2024: three gas in L7 (Booth, Huntswell Deep, Mountain Bridge South, combined best estimate 393 Bcf gross) and one oil in EP 437 (Becos, 5 MMbbl best). Unrisked estimates, considered moderate risk.