Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2023farm in farm out completion▲ GoodMajor
Triangle signs the binding NZO farmout agreement for 25% of L7 and EP 437, completing the January term sheet; only regulatory approvals (DMIRS, FIRB) remain. NZO pays A$1.9M for seismic, A$9.96M in total. With Talon, this recovers all Bookara seismic cost; drilling is now targeted for first half 2024.
20 Mar 2023farm in farm out completion▲ Good
New Zealand Oil & Gas confirms it has signed a binding farm-out agreement for 25% of L7 and EP 437, with due diligence complete. It will pay A$1.9M of seismic costs plus about A$9.96M in total, subject to regulatory approvals. Mirrors Triangle's release.
15 Mar 2023half year report● Neutral
Half-year report to 31 December 2022 largely restates known events: the truck-to-tanker oil export route, the Talon and NZO farm-ins, and the 9.7 Mt CO2 storage upgrade. It describes TP/15 as in the final stages of relinquishment, and Triangle's State Gas stake at about 10.6%. Financial figures were truncated.
1 Mar 2023farm in farm out completion▲ Good
Talon confirms it signed the formal farm-in for 25% of L7 and EP 437, paying about A$1.9M for seismic (A$1M now, rest before 1 Sep 2023) plus about A$7.3M of well costs. New joint operating agreements are waived until May. Mirrors Triangle's release.
1 Mar 2023farm in farm out completion▲ GoodMajor
Triangle signs the binding farmout agreement with Talon for 25% of L7 and EP 437, with all conditions satisfied. Talon pays the first A$1M of its seismic share. This completes the term sheet of December 2022. Drilling is estimated for early 2024.
6 Feb 2023production update▲ Good
A$5.7M received for the second Thailand shipment, about A$4.5M to Triangle and A$1.2M to Pilot. The tanker has left Geraldton with 51,100 bbls, with payment expected in March. Confirms the export route is generating cash.
27 Jan 2023quarterly activities report● Neutral
December quarter: Cliff Head averaged 650 bopd and a second Thailand cargo (~52,900 bbls) was delivered, payment due February. Cash was A$7.51M, excluding that payment. Bookara seismic processing finished; Talon farm-out signed; CH-10 workover now expected March/April 2023.
17 Jan 2023farm in farm out agreement▲ GoodMajor
Triangle signs a second binding term sheet, farming 25% of L7 and EP 437 to New Zealand Oil & Gas, taking Triangle to 50% and operator. NZO pays A$9.96M in total. With Talon, this covers all seismic cost and nearly all of Triangle's drilling costs; first L7 well planned Q1 2024.
17 Jan 2023farm in farm out agreement▲ Good
New Zealand Oil & Gas announces a binding term sheet for 25% of Triangle's L7 and EP 437, paying A$1.9M of seismic costs plus well shares. Subject to due diligence and approvals; with Talon, Triangle would hold 50%. Mirrors Triangle's release.
20 Dec 2022production update▲ Good
The AB Paloma delivered 52,900 bbls to a Thailand refinery, with payment due early February 2023. A fifth load of about 25,500 bbls is aboard at Geraldton, and the tanker awaits another load in 5-6 weeks. Export routine continues.
19 Dec 2022farm in farm out agreement▲ GoodMajor
Triangle signs a binding term sheet farming 25% of L7 and EP 437 out to Talon, keeping operatorship and 75%. Talon pays A$1.9M of seismic cost plus well shares, A$9.26M in total. Drilling expected early 2024. Begins the search for a farm-in partner noted earlier.
19 Dec 2022farm in farm out agreement▲ Good
Talon Energy announces a binding term sheet to take 25% of Triangle's L7 and EP 437, subject to its due diligence. It pays about A$1.9M towards Bookara seismic costs and funds shares of three 2024 wells. Mirrors Triangle's own release.
30 Nov 2022resource reserve update▲ GoodMajor
The Cliff Head JV lodged its NOPTA application for a greenhouse gas storage declaration and raised the 2C contingent CO2 storage resource about 50% to 9.7 million tonnes (100%). A declaration would trigger the Pilot 60%/Triangle 40% restructure. Capex guidance stays at about A$110M.
15 Nov 2022joint venture update● Neutral
Pilot reports its Mid West Clean Energy Project progress. The Cliff Head JV expects to lodge the NOPTA greenhouse gas storage declaration application within weeks, with CCS front-end design in 2023. Mostly Pilot's own matters (8 Rivers A$500K investment, new hires).
14 Nov 2022production update▲ Good
Fourth Cliff Head load of 26,500 bbls put on the AB Paloma, which sails for Asia with 53,000 bbls. Continues the truck-to-tanker export route begun in July; Pilot and Triangle still finalising Cliff Head alignment.
28 Oct 2022quarterly activities report● Neutral
September quarter: Cliff Head averaged 590 bopd (660 now) and the first Thailand cargo sold for US$4.6M. Cash fell to A$7.34M from A$13.84M after A$4.8M capex on seismic and the CH-10 workover. L7/EP 437 purchase completed; Bookara seismic still processing.
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.
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.
29 July 2022quarterly activities report▲ Good
June quarter: cash A$13.84M (from A$2.62M), helped by A$21.3M gross oil sales and the A$3.5M raise. Production averaged 508 bopd. Tanks refurbished, CH-10 pump retrieved and 3D seismic acquired. Shares on issue 1,344M.
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.
