Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2021quarterly activities report● Neutral
March quarter: Cliff Head sold 44,730 bbls in Jan-Feb (758 bopd) at US$56/bbl, operating profit US$14/bbl. From 1 March crude goes into BP Kwinana storage pending offtake. Cash A$3.11M. CH-6 workover restart in planning.
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 2021quarterly activities report● Neutral
December quarter: Cliff Head sold 58,148 bbls (632 bopd), up 9%, with revenue A$3.37M and operating loss narrowing to US$2.72/bbl. Cash was A$3.06M, including A$1.33M escrow since released. State Gas stake 27.67%. CH-6 workover suspended until 2021.
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.
27 Nov 2020agm notice● Neutral
Chairman's AGM address recaps the year: oil price swings, the Pase arbitration win, the A$2.2M placement and roughly A$4M share purchase plan, the WA-481-P deal and BP's Kwinana closure. Says Mt Horner 3D survey is targeted for May 2021. Largely restates known events.
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.
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 2020quarterly activities report● Neutral
September quarter: Cliff Head sold 53,246 bbls (579 bopd), down 20% with CH6/CH7 still shut in. Revenue was A$2.97M at US$39.90 oil, with an operating loss of US$9.09/bbl. Cash rose to A$3.47M after the raisings; State Gas stake is 27.67%.
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.
