Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter: 689 bopd, cash down to A$2.62M from A$8.33M, and 124,479 bbls in inventory at Kwinana. The CH10 workover and L7 seismic are being prepared. Also notes a BP Singapore marketing agreement and a coming Cliff Head farm-out process.
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.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter: cash A$8.33M (from A$5.44M), output averaged 675 bopd, and 117,900 bbls were lifted in October. Stored inventory is 63,160 bbls. It also recaps the lower decommissioning estimate and the BP storage end date of 22 April 2022.
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.
