24 Oct 2022investor presentation● Neutral
Broker presentation: cash A$8.6M at end September plus A$6.7M from the State Gas sale, production about 660 bopd, and CH10 workover in Q4. Mostly repeats known facts and shows 100% of L7 and EP 437.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2022asset acquisition disposition● NeutralMajor
Triangle sells 24M State Gas shares at 28 cents for A$6.72M, about half its holding, to Regal-managed funds and St Baker family members. It keeps 10.1% after dilution. Proceeds are said to fund L7/EP 437 drilling decisions and new ventures.
6 Oct 2022joint venture update● Neutral
Duplicate release of the same joint announcement: the Cliff Head realignment deed (Pilot 60%, Triangle 40%), conditional on a NOPTA declaration, with Pilot becoming operator. No new information.
6 Oct 2022joint venture update● NeutralMajor
Triangle and Pilot sign the deed formalising the April term sheet, but with new terms: Pilot 60% and Triangle 40% of Cliff Head, not 57.5/42.5. Conditional on a NOPTA storage declaration; Triangle may withdraw, and pays Pilot A$1M when an injection licence is granted.
4 Oct 2022production update▲ Good
The first Thailand cargo of 50,756 bbls sold for US$4.6M (about A$6.8M), of which about A$5.4M goes to Triangle, subject to a price adjustment in October. A third load of 26,500 bbls is on the tanker, which awaits a second loading in 5-6 weeks.
30 Sept 2022asset acquisition disposition● Neutral
Key confirms completion of the sale of its L7 and EP 437 subsidiaries to Triangle. Key has received A$600,000 cash and will receive A$500,000 of Triangle shares by 30 June 2023. This closes the deal first agreed in January 2021.
28 Sept 2022other● Neutral
Annual corporate governance statement for FY2022 against ASX recommendations. It reports no women among senior executives or directors, noting the female executive and director resigned after the February 2022 board renewal. Administrative.
28 Sept 2022annual report● Neutral
FY2022 annual report: the chairman notes two oil shipments sold in the year (120,000 bbls and 148,000 bbls) and about 51,000 bbls sold since year end. Seismic processing is due before year end and the CH-10 workover is expected to lift output from about 650 bopd.
21 Sept 2022asset acquisition disposition▲ GoodMajor
Triangle completes the purchase of Key's 50% of L7 and 86.94% of EP 437, and buys back the 5% royalty. With Pilot's 13.058% of EP 437 it will hold 100% of both. Bookara seismic processing is due Q4 2022; drilling is expected early 2024.
21 Sept 2022asset acquisition disposition● Neutral
Key announces a new share sale agreement with Triangle replacing the January 2021 deal, for its 50% of L7 and 86.94% of EP 437. Price A$1.1M: A$100K, A$500K cash at completion, and A$500K of Triangle shares by 30 June 2023. Includes a 5% royalty.
7 Sept 2022investor presentation● Neutral
Managing Director Conrad Todd presents at the Good Oil Conference. Slides state cash of A$6M (end August), a State Gas holding worth A$13M, about 700 bopd gross and CH10 workover in Q4. Mostly repeats known facts.
17 Aug 2022production update▲ Good
Second Cliff Head export: 26,500 bbls trucked to Geraldton 12-15 August and loaded onto the AB Paloma, making a cargo of about 51,000 bbls bound for a Thailand refinery. Confirms the export route set up after Kwinana ended is working.
14 July 2022production update▲ GoodMajor
Cliff Head's first export via Geraldton: 24,500 bbls loaded on the tanker AB Paloma, with another 25-30,000 bbls to follow in about six weeks before sailing to Singapore. This opens the replacement route after Kwinana ended. CH10 workover resumes late July, finishing late August.
1 July 2022capital raising announcement● Neutral
Prospectus offers 134.6M free options (2.5c, expiring 30 June 2025) to placement participants and 25M to lead manager Euroz Hartleys. Its stated purpose is to remove secondary trading restrictions. These are the options attached to the May placement.
16 June 2022material agreement● Neutral
Key and Triangle extend the cut-off for the L7/EP 437 purchase again, from 30 June to 30 September 2022, citing delays but saying completion is nearing. A$100,000 remains payable at completion. The deal, agreed January 2021, is still incomplete.
9 June 2022drilling progress report▲ Good
The CH-10 workover begins on 9 June to replace the failed pump, shut in since September 2021. The JV expects about 130 bopd extra, taking field production above 800 bopd. Continues the workover planned in earlier updates.
8 June 2022production update▲ GoodMajor
The final Kwinana lifting on 8 May sold 139,992 bbls at US$105.2 plus tank bottoms, totalling US$15.4M (A$21.3M) to the JV. A$16.8M goes to Triangle. This resolves the expected sale and funds the CH-10 workover and seismic.
31 May 2022drilling result▲ GoodMajor
The Bookara 3D seismic survey over L7 and EP 437 is complete, on time and on budget. A fast-track data cube will allow early interpretation. The 617 Bcf gas and 19 MMstb oil prospective resources are unchanged; drilling is targeted late next year.
2 May 2022capital raising announcement● NeutralMajor
Triangle raises A$3.5M via a placement of about 269M shares at 1.3 cents, a 13.3% discount, with one attaching 2.5c option per two shares subject to approval. Funds go to the CH10 workover, export route and seismic. Directors take A$115,000.
What it means for a shareholder
269m new shares at A$0.013 to raise about A$3.5m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (76,923 at the issue price), your slice goes from 0.00715% to 0.00572% of the company. To keep it you'd need 19,243 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
26 Apr 2022drilling progress report▲ GoodMajor
3D seismic survey over L7 and EP 437 starts, with recording due early May; the contract was signed with Terrex on 15 April and is said to be fully third-party funded. Triangle also signs to buy Pilot's 13.058% of EP 437, a first step toward 100%.
26 Apr 2022joint venture update● NeutralMajor
Triangle and Pilot sign a binding term sheet to realign Cliff Head to Pilot 57.5% and Triangle 42.5% (from 78.75%/21.25%), with Pilot becoming operator. It supports a carbon storage project targeted for 2025, subject to NOPTA declaration; Triangle says it defers abandonment liability.
19 Apr 2022material agreement▲ GoodMajor
Cliff Head JV approves A$2.35M to refurbish two Arrowsmith tanks, taking storage to 30,000 bbls, and signs a Port of Geraldton agreement. Oil will be trucked to Geraldton for export after Kwinana ends in April. About 140,000 bbls at Kwinana are to be sold in May.
12 Apr 2022resource reserve update▲ GoodMajor
Triangle lifts L7 prospective resources to 617 Bcf gas (best, 100%, from 165 Bcf) plus 19 MMbbl oil. Net to Triangle's 50% is 309 Bcf and 10 MMstb. Unrisked, undiscovered estimates, and a farm-out partner is sought.
28 Mar 2022joint venture update● Neutral
Pilot reports completed feasibility studies for Mid West hydrogen, carbon capture and renewables projects, based on its 100% of WA-481-P and its Cliff Head link. It aims for a first stage by 2025. Pilot's own project; not Triangle's, following the terminated deal.
15 Mar 2022material agreement● Neutral
Key and Triangle again extend the cut-off for the L7/EP 437 purchase, now to 30 June 2022, citing delays but saying completion is in its final stages. A$100,000 is still payable at completion. The deal is still not complete.
15 Mar 2022half year report● Neutral
Half-year report to 31 December 2021, issued under the new board. Recaps Cliff Head at 78.75% and the end of the Kwinana route in April 2022. The extract is truncated, so no financial results are shown here.
10 Mar 2022other▲ GoodMajor
After a strategic review, new management says Cliff Head makes 535 bopd (expected 690) and about 139,000 bbls should be sold in May for roughly US$14M gross (US$11M net to Triangle at US$100 oil). Two Geraldton trucking export options remain. Triangle agrees to lift TP 15 to 60%, subject to approval.
15 Feb 2022director officer appointment● NeutralMajor
Greg Hancock becomes Non-Executive Chairman and Conrad Todd becomes Managing Director on a A$335,000 base salary with six months' termination notice. Mike Collins stays as non-executive director. Settles who leads after the board overhaul.
14 Feb 2022director officer appointment● NeutralMajor
Greg Hancock, Conrad Todd and Mike Collins join the board and Henko Vos becomes company secretary. Chairman Monckton, directors King and Carpenter and secretary Rowe resign. The entire board is replaced, after Towner and Wong left on 8 February.
8 Feb 2022director officer appointment▼ BadMajor
Long-serving MD and CEO Robert Towner (in the role since July 2014) resigns, as does director Wai-Lid Wong after Tamarind ceased to be a substantial shareholder. Interim CEO candidates are being discussed. Board shrinks to three.