Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2020farm in farm out agreement▲ Good
Pilot's release of the same deal: it sells Triangle 78.75% and operatorship of WA-481-P for A$300,000 cash plus a free carry through the Year 3 work program. Pilot cites gross prospective resources of 215 mmbbls oil (best estimate) near Cliff Head. Third-party release.
9 Nov 2020farm in farm out agreement▲ GoodMajor
Triangle agreed to buy 78.75% and operatorship of offshore Perth Basin permit WA-481-P (8,605km2, next to Cliff Head) from Pilot for A$300,000 plus carrying Pilot's costs up to A$1.22M. It also forms a wind and solar JV (Pilot 80%, Triangle 20%). Cut-off 15 March 2021.
3 Nov 2020material agreement▼ BadMajor
BP plans to stop fuel production at Kwinana and become an import terminal, and Triangle sells Cliff Head crude there. BP will keep operating for many months and no termination notice has come, but Triangle withdrew its 29 October reserves and resources figures until the economics are confirmed.
30 Oct 2020other● Neutral
ASX paused trading in Triangle shares pending a further announcement. This is a procedural notice with no substance of its own; the later BP Kwinana response lifts the halt.
29 Oct 2020resource reserve update● NeutralMajor
A reserves review, validated by RISC Advisory, put Cliff Head 2P reserves at 1.13 MMstb net to Triangle at 30 June 2020, with economic life to mid-2026 (earlier 1.71 MMstb gross-basis figure from 2019). A farmout was started for West High, SE Nose and Mentelle Updip drilling, targeted for 1H 2022.
26 Oct 2020other● Neutral
Pilot Energy (ASX:PGY) re-released Triangle's workover announcement. It adds that Pilot has agreed to acquire Royal Energy, which holds an effective 21.25% of Cliff Head, subject to shareholder approval. This is a third-party release, not a Triangle announcement.
26 Oct 2020production update▲ Good
The CH-6 and CH-7 workover began on 25 October 2020, with the hydraulic workover unit at Cliff Head Alpha. Replacing the pumps should restore about 400 bopd, lifting output to about 1,000 bopd, with restart expected by year end. This follows the June shut-ins.
7 Oct 2020capital raising announcement▲ GoodMajor
The share purchase plan drew applications of A$4.93M at A$0.03. Triangle accepted oversubscriptions up to the 30% limit, raising A$3.91M for 130.2M shares, well above the A$1M target. Funds go to the CH6/CH7 workovers, drilling prospects and working capital.
What it means for a shareholder
130m new shares at about A$0.030 to raise about A$3.9m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (33,299 at the issue price), your slice goes from 0.00767% to 0.0059% of the company. To keep it you'd need 9,987 more shares - about A$300 at the issue price.
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22 Sept 2020admin correction● Neutral
Triangle lodged its Appendix 4G and Corporate Governance Statement for the year to 30 June 2020. This is a compliance filing with no new operating or financial information.
22 Sept 2020other● Neutral
ASX again paused trading in Triangle shares pending a further announcement, alongside a new price query. This is a procedural notice with no substance of its own.
22 Sept 2020price query● Neutral
ASX queried a jump from A$0.034 to A$0.057. Triangle knows of no undisclosed information, pointing only to State Gas (about 32.5% held) having requested a trading halt on 18 September, and to its annual report due within a day.
22 Sept 2020annual report● Neutral
Triangle released its 2020 annual report for the year to 30 June. The chairman's letter says oil fell from over US$60 to under US$19 a barrel, costs were cut, and the Pase arbitration was won. It restates known events.
16 Sept 2020other● Neutral
ASX paused trading in Triangle shares pending a further announcement. This is a procedural step linked to the price query issued the same day and carries no substance by itself.
16 Sept 2020price query● Neutral
ASX queried a rise from A$0.0285 to A$0.036 with higher volume. Triangle knows of no undisclosed information, noting only that State Gas (about 32.5% held) reported an exponential increase in gas flow at Nyanda-4, Reids Dome.
15 Sept 2020capital raising announcement● Neutral
The closing date for the share purchase plan at A$0.03 per share, with up to A$30,000 per eligible holder, was extended from 18 September to 2 October 2020. Results are due 7 October and new shares issue 13 October.
4 Sept 2020capital raising announcement● Neutral
The share purchase plan opened on 4 September 2020 at A$0.03 per share, after 73,346,667 placement shares were issued. Eligible holders can apply for A$1,000 to A$30,000 each, capped at A$1M. Directors intend to take up their maximum.
1 Sept 2020security holder rights change● Neutral
Notice that 72,150,580 quoted options at A$0.12 expire on 30 September 2020, with quotation ceasing 24 September. The shares closed at A$0.033 on 31 August, well below the exercise price, so exercise looks unlikely (inference).
27 Aug 2020capital raising announcement● NeutralMajor
Triangle raised about A$2.2M through a placement of 73.35M shares at A$0.03, an 18% discount to the 5-day VWAP, plus a planned share purchase plan of up to about A$1M. Funds go to CH6/CH7 workovers (about 400 bopd) and drilling planning; shares on issue rise to 434.1M.
What it means for a shareholder
73.3m new shares at A$0.030 to raise about A$2.2m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00924% to 0.00768% of the company. To keep it you'd need 6,777 more shares - about A$203 at the issue price.
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21 Aug 2020investor presentation● Neutral
August 2020 corporate presentation largely repeating known figures: cash A$2.41M (A$1.49M escrowed), debt A$0.87M, FY2020 sales 276,452 bbls. Share price A$0.037 and State Gas stake A$26.3M at A$0.55 are updated market values. No new operating information.
4 Aug 2020joint venture update▼ BadMajor
Triangle says Key Petroleum disputes its work program and budget for Mt Horner L7 and issued its own plus a cash call. Triangle rejects this, including any claimed deemed withdrawal, and has started formal dispute resolution over its right to earn a 50% interest.
27 July 2020other▲ GoodMajor
The BANI arbitration tribunal rejected in full the claim by PDPA over the Pase concession and ordered PDPA to pay Triangle's costs of about A$47,380. This resolves the claim (about A$1.1M plus A$4.8M) that Triangle said it would defend.
16 July 2020investor presentation● Neutral
Triangle presented at a Stockhead oil and gas video conference, with slides repeating known figures (360.7M shares, A$4.17M cash, A$0.87M debt). Share price A$0.033 and State Gas stake about A$20M at A$0.43 are updated market values. No new operating information.
18 June 2020production update▼ BadMajor
Cliff Head wells CH6 and CH7 were shut in on 17 June 2020, CH6 for an electric submersible pump failure and CH7 for precautionary integrity testing. Triangle expects about 590 bopd from the other wells, down from roughly 970 bopd, and has brought forward its FY2021 workovers.
1 June 2020director officer appointment● Neutral
Malcolm King, with over 30 years in upstream oil and gas mostly at Shell, joined the board as non-executive director on 1 June 2020. Ted Farrell, with the company nearly six years, will resign on 30 June 2020.
26 May 2020production update▲ Good
Tropical Cyclone Mangga caused no damage to the Cliff Head Alpha platform or Arrowsmith plant, and no staff safety risk. Triangle says A$4.9M invested at the field since July 2019 strengthened it, and the Harmonic Filter capacity was upgraded.
20 May 2020price query● Neutral
ASX queried a rise in Triangle's share price from A$0.028 to A$0.045 and heavier trading volume. Triangle replied it knows of no undisclosed information explaining the trading and says it is complying with Listing Rule 3.1.
8 May 2020investor presentation● Neutral
Triangle announced Managing Director Robert Towner will present a Perth Basin operations update at the ShareCafé Small Cap 'Hidden Gems' webinar on 8 May 2020. The attached slides repeat known figures (A$4.17M cash, Cliff Head about 970 bopd). No new information.
4 May 2020investor presentation● Neutral
May 2020 corporate presentation repeating known figures: 360.7M shares, A$4.17M cash, A$0.87M debt, State Gas stake A$16.98M, Cliff Head at about 970 bopd. Share price A$0.029. No new information visible.
23 Apr 2020resource reserve update▲ GoodMajor
Cliff Head Renewal Project completed: 2C contingent resources of 3.52 MMstb gross (2.77 net) and prospective resources of 9.46 MMstb gross. Mentelle Updip upgraded to 5.2 MMstb from 3.3, with 38% chance of discovery. Three drilling targets identified; drilling timing depends on oil price.
16 Apr 2020other● Neutral
Response to an Australian Financial Review article on low oil prices and Cliff Head. Triangle says its operations remain viable and the production costs in the article match its 3 April announcement. No new information.
