Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2021capital raising announcement● Neutral
The option offer drew applications for 150.3M options (A$150K), leaving a 160.1M shortfall for underwriter CPS. Shareholders approved Tranche 2 of the A$10M placement on 28 July 2021; issue is expected 4 August.
29 July 2021production update● Neutral
The CH-11 water injector intervention is complete and test performance is positive, expected to help recovery. The CH-6 workover, started 30 June, is still ongoing; the end-July restart target is not confirmed.
1 July 2021capital raising announcement● Neutral
Confirms the prospectus and acceptance form for the option entitlement offer are being posted to eligible shareholders on 1 July 2021, per the timetable. Administrative notice.
29 June 2021production update▲ GoodMajor
Work begins 30 June 2021 on the CH-6 workover, shut in since June 2020 after a pump failure and a failed replacement attempt in October 2020. Restart is expected by end July, adding about 120 bopd, alongside a CH-11 water injector intervention.
24 June 2021capital raising announcement● Neutral
Notice to shareholders with registered addresses outside Australia and New Zealand that they cannot take part in the option entitlement offer. Administrative only.
23 June 2021capital raising announcement● Neutral
Prospectus for the option entitlement offer of up to 310.4M options at A$0.001. It also offers 135M options to the lead manager and 227.3M free attaching options to placement investors. Offers close 28 July 2021.
23 June 2021capital raising announcement● Neutral
Letter to option holders about the entitlement offer. Only shareholders on the 28 June 2021 record date can take part, so option holders must exercise before then to join. It restates known terms and adds nothing new.
23 June 2021capital raising announcement● Neutral
Triangle launched a non-renounceable offer of 1 quoted option per 2 shares at A$0.001, exercisable at A$0.035 until 4 August 2023, raising up to about A$310K. CPS fully underwrites it for a 6% fee. Record date is 28 June 2021.
17 June 2021capital raising announcement▲ GoodMajor
Triangle has firm commitments for a A$10M placement at A$0.022 per share, with one free option (A$0.035, two years) per two shares. Up to 454.5M shares; funds go to the CH-6 workover, seismic planning, a refinery feasibility study and a Cliff Head future fund. Cash was A$3.11M in March.
11 June 2021investor presentation● Neutral
Presentation for the PESA Deal Day on 14 June 2021, promoting a suite of north Perth Basin assets. Visible text is disclaimers and a note that the Cliff Head resource estimates of 29 Oct 2020 and 15 Mar 2021 are unchanged. No new figures.
11 May 2021joint venture update▲ GoodMajor
Triangle and Pilot signed the WA-481-P joint venture and Cliff Head Wind & Solar agreements. Remaining conditions for Triangle's 78.75% purchase are regulatory approvals and Murphy Oil's consent. Pilot's shareholder vote on its Royal Energy purchase is 28 May 2021.
11 May 2021joint venture update● Neutral
Pilot and Triangle signed the joint venture agreements for WA-481-P and the Cliff Head Wind and Solar project. Triangle will take a 78.75% interest and operatorship of WA-481-P, paying Pilot A$300,000 and carrying its work program, while Pilot will hold 80% of the wind and solar venture and carry Triangle's 20% through a feasibility study.
11 May 2021investor presentation● Neutral
May 2021 investor presentation. The visible text is disclaimers and a note that the Cliff Head resource estimates from 29 Oct 2020 and 15 Mar 2021 are unchanged. No new figures are readable.
28 Apr 2021price query● Neutral
Responding to an ASX price query after shares rose from A$0.025 to A$0.037, Triangle said it knows of no undisclosed information. It noted BP offtake is still non-binding and it has preliminary talks on a possible capital raising, with no decision.
22 Apr 2021material agreement▲ GoodMajor
Triangle signed a binding one-year storage agreement with BP Kwinana for Cliff Head crude, plus a non-binding term sheet for BP Singapore to buy all output at a fixed discount to Brent. This replaces the ended supply deal, but the offtake is not yet binding.
12 Apr 2021production update▲ Good
Triangle says the Cliff Head platform and Arrowsmith plant remain in excellent condition after Tropical Cyclone Seroja, with no risk to staff safety. No production impact is stated.
22 Mar 2021material agreement● Neutral
BP extended the Crude Oil Supply Agreement termination date again, from 22 March to 22 April 2021. Cliff Head keeps delivering to BP Kwinana. Marketing options are still being considered, with no outcome yet announced.
17 Mar 2021investor presentation● Neutral
Investor presentation for an online conference, restating Cliff Head resources, strategy and 620M shares. Cash is A$3.06M at 31 December 2020 and the State Gas holding is valued at A$29.7M. Repeats known facts.
15 Mar 2021half year report● Neutral
Half-year report to 31 December 2020 lodged. The visible text is a cover note, directors' report and corporate details; no financial figures are readable in the excerpt, so nothing can be said on results.
15 Mar 2021resource reserve update● NeutralMajor
Triangle re-confirms its 29 Oct 2020 Cliff Head resource estimates, with no material change: net 2.97 MMstb contingent and 7.30 MMstb prospective (best estimates, 78.75% share). Reserves stay withdrawn pending oil marketing outcome. Farmout talks continue; satellite wells target 1H 2022.
1 Mar 2021material agreement● NeutralMajor
BP pushed the supply termination date to 22 March 2021 and amended the agreement to buy Cliff Head crude on the same pricing as a proposed offtake agreement. Terms are still under negotiation, with no certainty of a binding contract; talks with marketers continue.
11 Feb 2021material agreement● Neutral
BP extended the Cliff Head crude supply agreement's termination date from 16 February to 1 March 2021. Triangle keeps delivering to BP and continues talks with crude marketing firms on alternative buyers.
29 Jan 2021asset acquisition disposition▲ GoodMajor
Triangle will buy Key's 50% of Mt Horner L7 (taking it to 100%) and 86.94% of EP 437 for A$600,000 plus a 5% royalty, ending the earlier dispute and farmout. It also raised A$1.19M at A$0.021 per share (56.4M shares), a 21.36% discount to the 15-day VWAP.
29 Jan 2021asset acquisition disposition● Neutral
Key Petroleum's release of its sale to Triangle of its 50% of L7 and 86.94% of EP 437 for A$600,000 plus a 5% gross overriding royalty. Completion ends the farmout and settles claims, apart from certain rehabilitation work and any farmout disputes. Third-party release.
21 Jan 2021asset acquisition disposition▲ GoodMajor
The US$1.02M of Pase escrowed funds was released to Triangle as cleared cash, so the Singapore arbitration is being withdrawn. This resolves a debt owed since the 2016 sale. Triangle keeps its 5% Pase royalty rights.
11 Jan 2021material agreement termination▼ BadMajor
BP gave formal notice terminating the Crude Oil Supply Agreement for Cliff Head crude, effective 16 February 2021. Triangle continues to deliver until then and is talking to crude marketing firms about alternative buyers. This turns BP's closure plan into a firm deadline.
2 Dec 2020other● Neutral
Triangle filed arbitration in Singapore against PT Enso Asia over US$1.02M of escrowed funds from the 2016 Pase sale, after PT Enso Asia withheld consent for release. This escalates the long-running Pase escrow issue.
1 Dec 2020production update● Neutral
Pilot re-released Triangle's update that CH-7 returned to production on 28 November 2020 after its ESP replacement, expected to stabilise at about 237 bopd and lift field output to about 825 bopd. The CH-6 workover was suspended after the old ESP could not be retrieved, with resumption targeted for Q1 2021.
1 Dec 2020production update● NeutralMajor
CH-7 returned to production on 28 November after a workover finished ahead of schedule and under budget, lifting Cliff Head to about 825 bopd. The CH-6 workover is suspended after the old pump could not be retrieved; resumption targeted Q1 2021, missing the year-end restart goal.
20 Nov 2020regulatory community update● Neutral
Triangle says it met federal and state ministers' representatives and has begun talks with third parties on offtake alternatives for Cliff Head and other WA producers affected by BP Kwinana's conversion. Cliff Head keeps delivering to BP for many months. No deal announced.
