Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2021agm notice● Neutral
Chairman's AGM address recaps the year: BP offtake deal, CH-6 restart, A$10M raising and the refinery study. It says the WA-481-P and Key L7/EP 437 deals await title transfer, and gives satellite well drilling as 1H 2023 (earlier context said 1H 2022).
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.
29 Oct 2021quarterly activities report▲ Good
September quarter: cash A$5.44M (from A$598K) after the Tranche 2 placement raised A$8.0M net. Output averaged 716 bopd, with 122,270 bbls in storage at BP Kwinana. Brent averaged US$73.47. Routine recap of the offtake, first lifting and L7 work.
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Cliff Head reserves, withdrawn in November 2020 after the BP Kwinana news, are reinstated at 30 June 2021: net 2P of 0.81 MMstb, because the BP Singapore offtake gives a basis for them. 2C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%.
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.
30 July 2021quarterly activities report● Neutral
June quarter: 25,850 bbls sold at US$59.75; production averaged 671 bopd, with crude stored at BP Kwinana. Operating profit was US$16.16/bbl. Cash fell to A$598K from A$3.11M, before the A$10M placement settled. A$3.64M of crude inventory is held.
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.
