Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2022other● Neutral
Triangle calls Pilot's termination of the WA-481-P deal disappointing and premature, while NOPTA's process was still running. It stresses it keeps 78.75% of Cliff Head, is seeking storage and export alternatives, and expects Cliff Head drilling in 1H 2023.
2 Feb 2022other● Neutral
ASX again pauses trading in Triangle shares pending a further announcement. Procedural notice; the reason is not given in the text. It coincides with Pilot's termination of the WA-481-P deal.
2 Feb 2022material agreement● Neutral
Key and Triangle extend the cut-off for Triangle's purchase of Key's 50% of L7 and 86.94% of EP 437 to 31 March 2022, citing unexpected delays. A$100,000 remains payable at completion. Key keeps a 5% royalty. Extends the open deal past 31 January.
2 Feb 2022material agreement termination▼ BadMajor
Pilot terminates the sale of 78.75% of WA-481-P to Triangle, saying the NOPTA approval condition was not met by the cut-off date. The wind and solar joint venture also falls away. NOPTA had said Triangle had not shown sufficient financial resources.
21 Jan 2022regulatory community update▼ BadMajor
On 4 January 2022 NOPTA said it intends to refuse the transfer of WA-481-P. Triangle and Pilot have until 4 March 2022 to make submissions. Triangle says the Pilot agreement stays in place, with the outcome uncertain and no timing forecast.
21 Jan 2022price query● Neutral
Responding to an ASX price query, Triangle says it knows of no undisclosed news. It notes a 50.2M-share crossing at A$0.013, possibly a block sale by substantial holder Tamarind Resources, which is in liquidation. It repeats the NOPTA position on WA-481-P.
20 Jan 2022other● Neutral
ASX pauses trading in Triangle shares pending a further announcement. Procedural notice; the reason is not given in the text.
24 Dec 2021joint venture update▼ Bad
Pilot says its sale of WA-481-P to Triangle is still awaiting NOPTA approval. To keep the permit compliant, Pilot will carry out the work program itself, and recover the cost if the transfer is approved. Pending completion of Triangle's acquisition.
20 Dec 2021admin correction● Neutral
Share registry Automic is moving its Perth office to 191 St Georges Terrace. Administrative notice only; no business information about Triangle.
29 Nov 2021material agreement termination▼ BadMajor
BP Kwinana will not extend the storage agreement beyond 22 April 2022, so the BP Singapore offtake also ends after the April 2022 lifting. Triangle is weighing alternatives, including the refinery idea. US$8.1M from the first lifting has been received.
18 Nov 2021regulatory community update● Neutral
Statutory notice that Triangle received A$42,000 of JobKeeper payments in FY2021 (for 7 individuals) and none in FY2020. Nothing was repaid. Administrative disclosure only.
11 Nov 2021material agreement▲ GoodMajor
Triangle starts a FEED study for a proposed 5,000 bpd modular renewable fuel refinery near the Arrowsmith plant, with Plant Process Group as contractor. FEED is due by Q1 2022, with first production targeted Q1 2024. This follows the earlier refinery feasibility plans and marks a diversification move.
10 Nov 2021other▲ Good
A new independent estimate cuts the Cliff Head decommissioning cost to A$28.7M (100% joint venture) from A$39.5M, mainly because a cheaper hydraulic workover unit can plug wells. Net of a 40% PRRT benefit, about A$17.2M, assuming PRRT conditions are met.
28 Oct 2021resource reserve update▲ GoodMajor
Cliff Head reserves, withdrawn in November 2020 after the BP Kwinana news, are reinstated at 30 June 2021: net 2P of 0.81 MMstb, because the BP Singapore offtake gives a basis for them. 2C contingent resources are 3.47 MMstb, with a new Western Development estimate.
27 Oct 2021production update▲ GoodMajor
The first lifting under the BP Singapore deal, 107,000 bbls on 26 October 2021, will bring the joint venture about A$10.7M around 25 November. A further A$1.1M is due for 10,900 bbls sold in April 2021. Management says the stockpiling gained about US$1.0M.
14 Oct 2021material agreement▲ GoodMajor
A binding offtake deal is signed with BP Singapore to buy 100% of Cliff Head crude at a fixed discount to Brent, FOB Kwinana. It turns the April 2021 non-binding term sheet into a contract, with the first lifting expected October 2021.
11 Oct 2021director officer appointment● Neutral
Deanna Carpenter joins the board as a non-executive director. She is a partner at HWL Ebsworth, the company's solicitors, and has been involved with Triangle since 2017.
6 Oct 2021asset acquisition disposition▼ Bad
Key Petroleum confirms the same delay on its sale of L7 (50%) and EP 437 (86.94%) to Triangle: cut-off extended to 31 January 2022, with a further A$100,000 non-refundable pre-payment. Key keeps a 5% royalty after completion.
6 Oct 2021asset acquisition disposition▼ Bad
Completion of the Key L7/EP 437 purchase, agreed in January 2021, slips again: cut-off moves from 30 September 2021 to 31 January 2022, with a further non-refundable A$100,000 pre-payment. Regulatory transfer steps are still being completed.
30 Sept 2021other● Neutral
Appendix 4G and corporate governance statement for the 2021 financial year, lodged with the annual report. Compliance paperwork with no new business information.
30 Sept 2021annual report● Neutral
Annual report for the year to 30 June 2021 lodged. The chairman's letter notes CH-6 was completed after year end, with production about 720 bopd at the report date, and recaps the BP storage agreement and the Pase escrow receipt.
29 Sept 2021production update▼ Bad
CH-10 shut in on 28 September 2021 after a downhole electrical fault, following about 12 years on the same pump. Field output is expected to settle near 720 bopd, below the roughly 850 bopd expected after the CH-6 restart. Options include a new pump or an updip sidetrack.
15 Sept 2021investor presentation● Neutral
Presentation given at the Midwest Major Projects Update. It repeats the earlier resource disclaimers; the text provided shows no new results or figures.
8 Sept 2021investor presentation● Neutral
Presentation for the Good Oil Conference in Perth. It states that resources previously reported (Cliff Head in March 2021, L7 in August 2021) are unchanged. No new information in the text provided.
24 Aug 2021production update▲ GoodMajor
The CH-6 workover finished and the well returned to production on 23 August 2021, after being shut in since June 2020. It is expected to stabilise near 120 bopd, lifting Cliff Head to about 850 bopd. Recovered equipment showed no visible corrosion.
20 Aug 2021resource reserve update▲ GoodMajor
Triangle reports its first prospective resource estimate for Mt Horner L7: 24.5 MMstb gross oil (15.9 MMstb net at 50%) across 18 prospects and leads, plus 165 bcf gross gas (83 bcf net). Bookara 3D seismic is planned for December 2021/January 2022; the Key purchase is not yet complete.
12 Aug 2021asset acquisition disposition● Neutral
Key Petroleum says its sale of L7 (50%) and EP 437 (86.94%) to Triangle is delayed by regulatory steps. The cut-off date moves to 30 September 2021 and Triangle pre-pays A$200,000, non-refundable. Key keeps its 5% royalty.
12 Aug 2021asset acquisition disposition● Neutral
Triangle confirms the Key L7/EP 437 purchase, agreed in January 2021, has been delayed by regulatory transfer steps. The cut-off moves to 30 September 2021 and Triangle makes a non-refundable A$200,000 pre-payment toward the completion payment.
11 Aug 2021capital raising announcement● Neutral
Triangle says the underwriter placed all 160.1M shortfall options from the entitlement offer. This completes the option offer, which raised A$0.15M from shareholders plus the underwritten shortfall.
4 Aug 2021other● Neutral
Required distribution schedule and top 20 list for the new quoted options (TEGO), showing 509.8M options on issue. Administrative; the top 20 hold 44.45%.
