New Risk • Mar 12
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$302k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-AU$302k). Revenue is less than US$1m. Market cap is less than US$10m (AU$5.56m market cap, or US$3.97m). Announcement • Oct 22
Triangle Energy (Global) Limited, Annual General Meeting, Nov 20, 2025 Triangle Energy (Global) Limited, Annual General Meeting, Nov 20, 2025. Location: level 4, 88 william street, perth wa Australia New Risk • Sep 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-AU$1.8m). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.57m market cap, or US$4.30m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-AU$2.8m). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$10.4m market cap, or US$6.51m). Announcement • Oct 11
Triangle Energy (Global) Limited, Annual General Meeting, Nov 14, 2024 Triangle Energy (Global) Limited, Annual General Meeting, Nov 14, 2024. Location: the celtic club, 48 ord street, west perth, western australia, Australia New Risk • Sep 26
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$2.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-AU$2.8m). Earnings have declined by 5.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.32m market cap, or US$5.69m). Announcement • Sep 06
Triangle Energy (Global) Limited Appoints Geraldine Holland as Joint Company Secretary Triangle Energy (Global) Limited advised the appointment of Geraldine Holland as Joint Company Secretary. Ms Holland is a Corporate Advisor at Nexia Perth, a financial services firm specialising in providing company secretarial, CFO and transaction management services involving both listed and unlisted companies. The Company further advised that Henko Vos remains as Joint Company Secretary. New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings have declined by 9.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 9.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Market cap is less than US$10m (AU$10.4m market cap, or US$7.01m). New Risk • Aug 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Market cap is less than US$10m (AU$14.6m market cap, or US$9.57m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$4.0m net loss in 2 years). Announcement • Jun 13
New Zealand Oil & Gas Limited, Triangle Energy (Global) Limited and Strike Energy Limited Provides Drilling Update Booth Well in L7 Permit Perth Basin Triangle Energy Global Ltd. advised that preparatory works by the L7 Joint Venture with Strike Energy Ltd. and New Zealand Oil and Gas Ltd. to drill the Booth-1 well in the North Perth Basin are nearing completion and all regulatory approvals have been received. The Company now expects the Ventia 106 rig to be released by the current drilling operator in early July with the spud of the Booth-1 well expected to occur mid to late July. The Booth prospect, located in the east of L7, is planned to be the first well in the upcoming drilling campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Cattamarra Coal Measures sandstones. Negotiations are ongoing for a rig to drill the Becos Prospect in permit EP 437. The Booth prospect has potential for multiple oil and gas targets, with a Prospective Resource range of 113 Bcf (billion cubic feet of gas) to 540 Bcf with a Best Estimate of 279 Bcf (Gross 100%, on-block), has a prognosed total depth of 2,900m (measured depth) and is expected to take 22 days to drill from spud. The well will deviate 800m to the southeast from the surface location to intersect three prospective reservoirs that are offset in depth and will have a true vertical depth of 2,670m. A new water supply well has been drilled which will subsequently be given to the landowner. Announcement • Apr 18
Triangle Energy Global Ltd and New Zealand Oil and Gas Ltd. Commence Drilling of the Booth-1 Well in the North Perth Basin New Zealand Oil & Gas Limited announced that its Joint Venture with Strike Energy Ltd. and New Zealand Oil and Gas Ltd. has contracted a rig to drill the Booth-1 well in the North Perth Basin. The Booth prospect, located in the east of L7, is planned to be the first well in the upcoming Joint Venture's drilling campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Jurassic sandstones. The previously identified Becos oil prospect in EP 437 is intended to be the second well in the program, targeting the Bookara sandstone. Triangle expects to drill Becos in the September quarter 2024, subject to EP approval and final JV approval. Becos has a Prospective Resource range of 1 MMbbl (million barrels) to 21 MMbbl with a mid-case of 5 MMbbl oil (Gross 100%). The first two wells are expected to be drilled utilising separate rigs. The Booth prospect, with a total depth of 2,900m, requires a medium to large rig such as the Ventia 106 and the Becos prospect, with a prognosed depth of just over 1,000m, is more suited to a smaller, more mobile rig. This is an untested play underlying potential Jurassic to Permian oil-prone sandstone reservoirs in this area near Mount Horner Oil Field. Triangle Managing Director Conrad Todd said: "Booth will be the first well drilled in the two permits in the Perth Basin for 30 years. During this time, 3D seismic has been developed, which has played a pivotal role in some of the major discoveries in the Perth Basin in recent years. Triangle and JV partners have utilised new 3D seismic to locate and plan these wells and are excited to drill the first of many prospects within these permits. "This latest 3D data interpretation and geological analysis has led to numerous new oil and gas prospects being identified, further highlighting the immense potential in what is the most under-explored acreage in the lucrative Perth Basin". Authorised for Release by: The Board of Directors. These estimates have both an associated risk of discovery and a risk to development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The estimates of Prospective Resources included in the announcement have been prepared in accordance with the definitions and guidelines set out in the Petroleum Resources Management System ("PRMS") as revised in June 2018 by the Society of Petroleum Engeers. The PRMS defines prospective resources as those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. All Prospective Resources indicated within the updated L7, and EP 437 resources tables are calculated for a Gross 100% interest in the Permit and tabulated as Gross (100%) and Net (50%) interests. These prospects were mapped using the Bookara 3D seismic data which has been recently acquired and interpreted. TEG has applied a range of reservoir parameters based on regional well-owned and interpreted. Triangle has applied a range of reservoir metrics based on regional well-owned, and EP 437, which also hosts the Becos prospect, to be the first well in the North Perth Basin. Reported Earnings • Mar 15
First half 2024 earnings released: AU$0.004 loss per share (vs AU$0.009 profit in 1H 2023) First half 2024 results: AU$0.004 loss per share (down from AU$0.009 profit in 1H 2023). Revenue: AU$7.86m (up 9.4% from 1H 2023). Net loss: AU$4.91m (down 140% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Mar 14
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: AU$16m Forecast net loss in 2 years: AU$4.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$4.0m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$29.0m market cap, or US$19.2m). Announcement • Mar 06
Triangle Energy (Global) Limited, Annual General Meeting, Apr 04, 2024 Triangle Energy (Global) Limited, Annual General Meeting, Apr 04, 2024, at 14:00 W. Australia Standard Time. Location: The Celtic Club, 48 Ord Street, West Perth Western Australia Australia Agenda: To consider Ratification of prior issue of Tranche 1 Placement Shares under Listing Rule 7.1; to consider Approval to issue Tranche 2 Placement Shares to Tranche 2 Placement Participants; to consider Approval to issue Placement Options to Tranche 1 Placement Participants and Tranche 2 Placement Participants; to consider Approval to Issue Director Placement Securities to Directors; and to consider Approval to Issue Lead Manager Options. Announcement • Feb 21
Triangle Energy (Global) Limited has filed a Follow-on Equity Offering in the amount of AUD 5.06 million. Triangle Energy (Global) Limited has filed a Follow-on Equity Offering in the amount of AUD 5.06 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 210,000,000
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 102,500,000
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,750,000
Price\Range: AUD 0.016
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Feb 20
Triangle Energy (Global) Limited has filed a Follow-on Equity Offering in the amount of AUD 1.516749 million. Triangle Energy (Global) Limited has filed a Follow-on Equity Offering in the amount of AUD 1.516749 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 94,796,812
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Jan 11
Triangle Energy (Global) Limited Identifies Significant Oil Exploration Potential in Its Perth Basin Acreage Triangle Energy Global Ltd. announced that it has interpreted additional oil potential using the latest 3D seismic data on the L7 and EP 437 permits, in it's Joint Venture with Strike Energy Ltd. and New Zealand Oil and Gas Ltd. in the North Perth Basin, in addition to the previously announced gas resources. The review has resulted in updated Operator's resource estimates for the L7 and EP 437 permits. Discussions are underway to secure rig slots to drill mid 2024. The two most likely wells being on the Booth and Becos prospects. The Booth prospect, located in the east of L7, is planned to be the first well in the upcoming drilling campaign, targeting gas at the Kingia-High Cliff reservoirs with potential for oil or gas in the overlying Dongara and Jurassic sandstones. The previously identified Becos oil prospect in EP 437 will be the second well in the program, targeting the Bookara sandstone. Several other attractive gas prospects located in the L7 permit are also potential drill candidates. Notable is Huntswell Deep, which is a previously unmapped structure that has been identified on the 3D seismic, and MH-2 Updip, discussed below, located in the central portion of L7. In addition to the previously identified gas prospects the new oil prospects significantly add to a broad portfolio of exploration potential within the Triangle permits. Recent and ongoing evaluation of the seismic data has also identified a large basement high underlying the MH-2 Updip prospect. This is an untested play underlying potential Jurassic to Permian oil-prone sandstone reservoirs in this area near Mount Horner Oil Field. The Booth prospect primary target is gas in the Kingia and High Cliff reservoirs. However, whilst drilling to the Kingia, the well will pass though the Cattamarra reservoirs, which contain oil in the nearby Mt Horner oilfield, where Best Estimate Prospective Resources of 2.7 million barrels of oil are situated. The well will then intersect the Dongara sandstone which it presently calculate to have Best Estimate Prospective Resources of 19 Bcf gas. However, there is strong evidence of oil potential at this level from recently drilled wells nearby and in the Dongara Field. Should the Dongara reservoir contain oil instead of gas, the Best Estimate prospective resources would be 8.5 million barrels of oil (MMbbl), plus 2.7 MMbbl in the Cattamarra and 260 Bcf of gas in the Kingia /High Cliff. Oil at the Dongara reservoir level would further increase the value of the Booth prospect to the JV. Recent Insider Transactions Derivative • Dec 12
MD & Director exercised options to buy AU$182k worth of stock. On the 7th of December, Conrad Todd exercised options to buy 8m shares at a strike price of around AU$0.011, costing a total of AU$90k. This transaction amounted to 68% of their direct individual holding at the time of the trade. Since June 2023, Conrad has owned 11.66m shares directly. Company insiders have collectively bought AU$164k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 14
Triangle Energy (Global) Limited, Annual General Meeting, Nov 22, 2023 Triangle Energy (Global) Limited, Annual General Meeting, Nov 22, 2023, at 14:00 W. Australia Standard Time. Location: The Celtic Club, 48 Ord Street, West Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the Company together with the reports of the directors and the auditor for the financial year ended 30 June 2023, as contained in the Company's Annual Report; to consider Adoption of the Remuneration Report; to consider Re-election of Mr. Greg Hancock as a Director; to consider Ratification of Shares Issued to Key Petroleum Ltd; to consider Approval to Grant Performance Rights to Mr. Conrad Todd; to consider Approval to Grant Performance Rights to Mr. Michael Collins; and to consider Approval of 10% Placement Facility. Reported Earnings • Sep 30
Full year 2023 earnings released: EPS: AU$0.001 (vs AU$0.007 loss in FY 2022) Full year 2023 results: EPS: AU$0.001 (up from AU$0.007 loss in FY 2022). Revenue: AU$13.6m (down 30% from FY 2022). Net income: AU$1.32m (up AU$9.03m from FY 2022). Profit margin: 9.7% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 16
First half 2023 earnings released: EPS: AU$0.009 (vs AU$0.001 loss in 1H 2022) First half 2023 results: EPS: AU$0.009 (up from AU$0.001 loss in 1H 2022). Revenue: AU$7.19m (up 3.8% from 1H 2022). Net income: AU$12.2m (up AU$13.2m from 1H 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Director Mike Collins is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Oct 26
Triangle Energy (Global) Limited, Annual General Meeting, Nov 24, 2022 Triangle Energy (Global) Limited, Annual General Meeting, Nov 24, 2022, at 10:00 W. Australia Standard Time. Location: The Celtic Club, 48 Ord Street, West Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the Company together with the reports of the directors and the auditor for the financial year ended 30 June 2022, as contained in the Company's Annual Report; to consider the Adoption of the Remuneration Report; to consider the Election of Mr Greg Hancock as a Director; ; to consider the Election of Mr Michael Collins as a Director; and to discuss other matters. Reported Earnings • Sep 29
Full year 2022 earnings released: AU$0.007 loss per share (vs AU$0.007 loss in FY 2021) Full year 2022 results: AU$0.007 loss per share (in line with FY 2021). Revenue: AU$19.4m (up 192% from FY 2021). Net loss: AU$7.70m (loss widened 96% from FY 2021). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Announcement • Sep 07
Triangle Energy (Global) SHS to Be Deleted from OTC Equity Triangle Energy (Global) Limited SHS (Australia) will be deleted from OTC Equity effective from September 07, 2022, due to Inactive Security. Announcement • May 31
Triangle Energy (Global) Limited Announces Completion of Perth Basin Permit L7 - 3D Seismic Survey Triangle Energy (Global) Limited announced that the 3D seismic survey over the highly prospective L7 Permit and the EP437 Permit in the Perth Basin has completed within time and on budget. Processing of the seismic data is expected to take 4-5 months for the final product however a fast-track seismic cube will be available sooner which will enable Triangle to commence their interpretation and prospect generation early. This is expected to result in a confirmation of resource estimates and a reduction in risk of the very attractive prospects and leads which have a Most Likely Prospective Resouce case of 617 Billion cubic ft (Bcf) gas and 19 million barrels (MMbb) oil. The survey outline covers the prospective areas of the blocks. The data was acquired by vibroseis after the crops were harvested. The L7 Permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains highly attractive, similar-looking structures with the same reservoir targets. Announcement • Apr 27
Triangle Energy (Global) Limited Announces L7 Permit Seismic Survey Commences Triangle Energy (Global) Limited announced that the 3D seismic survey over the highly prospective L7 Permit (Triangle Energy (TEG) 50%, Key Petroleum (KEY) 50%), and the EP437 Permit (TEG acquiring 13.058% from Pilot (PGY)and 86.942% from KEY) in the Perth Basin is commencing. The contract was signed with Terrex, the acquisition company, on 15th April, and the acquisition is expected to commence early May after the surveyors have completed their work. Triangle presently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from Key Petroleum. The L7 Permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains highly attractive, similar-looking structures with the same reservoir targets. Board Change • Apr 27
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Director Mike Collins is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Apr 12
Triangle Energy (Global) Limited Reviews and Reworked the Highly Prospective L7 Permit Triangle Energy (Global) Limited has reviewed and reworked the highly prospective L7 Permit (Triangle Energy (TEG) 50%, Key Petroleum (KEY) 50%). The recently completed resource review has substantially increased the prospective resources attributable to the L7 Permit. Triangle presently holds a 50% interest in the L7 permit and is in the process of acquiring the remaining 50% from Key Petroleum. The L7 Permit is located just north of the large Waitsia, Senecio and Lockyer Deep gas fields and contains similar-looking structures with the same reservoir targets. Reported Earnings • Mar 17
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.001 loss per share (up from AU$0.011 loss in 1H 2021). Revenue: AU$6.93m (up 90% from 1H 2021). Net loss: AU$1.03m (loss narrowed 80% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Board Change • Feb 21
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Malcolm King is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Feb 16
Triangle Energy (Global) Limited Appoints Greg Hancock as Non-Executive Chairman of the Company Triangle Energy (Global) Limited announced that Effective 15 February 2022, Mr. Greg Hancock has been appointed as Non-Executive Chairman of the Company, with Mr. Conrad Todd appointed as Managing Director. Mr. Mike Collins remains as Non-Executive Director. Announcement • Feb 15
Triangle Energy (Global) Limited Board Appointments Triangle Energy (Global) Limited announced changes to the Board of Directors. With effect from 14 February 2022, each of Mr. Greg Hancock, Mr. Conrad Todd and Mr. Mike Collins have been appointed as Directors of the Company, and Mr. Henko Vos has been appointed as Company Secretary. Mr. Hancock has over 25 years' experience in capital markets practising in the area of Corporate has specialised in mining and natural resources and has a background in the finance and management of small listed companies. He was the founding shareholder and first Chairman of Cooper Energy Ltd., an Australian oil and gas producer with operations in the Cooper, Otway and Gippsland basins. Mr. Todd has over 40 years' experience in Oil and Gas exploration and development. He has worked as Exploration and Development Manager for Cooper Energy and Lundin in Malaysia. In Indonesia he was Chief Geophysicist and New Business Manager for LASMO and in Oman was Chief Geophysicist for Occidental. Recently he has worked for RISC in M&A and reserve auditing, then co-founded Vizier Energy Consulting which has undertaken reserve and resource audits, and a large unitization redetermination. During this time Conrad was also a Non-Executive director of Pilot Energy, helping them gain access to several of their present projects. Mr. Collins has over 35 years' experience in Oil and Gas exploration and development in Perth and London. He worked as VP Exploration and Geoscience for Mitsui E&P Australia and as both Senior Geophysicist and Senior Business Analyst for Woodside Energy Ltd. in Australia. He was Senior Explorationist for AGIP (now Eni) in London. Mr. Vos is a member of the Australian Institute of Company Directors, the Governance Institute of Australia and Chartered Accountants Australia & New Zealand. He holds similar secretarial roles in various other listed public companies in both industrial and resource sectors. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.007 loss per share (vs AU$0.011 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: AU$6.66m (down 46% from FY 2020). Net loss: AU$3.93m (loss widened 3.8% from FY 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Board Change • Sep 29
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Tim Monckton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 25
Triangle Energy (Global) Limited Provides Cliff Head Operations Update Triangle Energy (Global) Limited, on behalf of the Cliff Head Joint Venture advised that the CH-6 well at the Cliff Head Oil Field (Cliff Head) returned to production on the afternoon of 23 August 2021. The Workover Programme (Workover) of the CH-6 well completed the program of Electric Submersible Pump (ESP) replacement which included the installation of a new ESP in a more technically and cost effective configuration than previously adopted. All of the technical and well integrity expectations of the program were met and the well was handed over from well services to production on the 22 August 2021. Performance testing and verification is currently underway, however the Company announced that production associated with the CH-6 well is expected to stabilise at approximately 120 bopd, bringing the total field production to approximately 850 bopd. The Company's Hydraulic Workover Unit provider, Clear Cut Interventions (CCI), with the assistance of R&D solutions, succesfully deployed the first Omega Gemini plug on Slickline using a time delay hydrostatic setting tool in an offshore environment in Asia Pacific. Omega provided virtual training to the CCI supervisor due to COVID travel restrictions preventing a specialist being deployed to Australia. The joint CH-6 and CH-11WI workover campaign provided the Company with the rare opportunity to evaluate the condition of the downhole completion and wellbore equipment with regards to long term well integrity and corrosion management. Announcement • Aug 20
Triangle Energy (Global) Limited Completes Review of the Prospects and Leads Portfolio Within the L7(R1) Licence (L7) Triangle Energy (Global) Limited has completed a review of the Prospects and Leads portfolio within the L7(R1) licence (L7) in which it holds a 50% interest and reported the maiden Prospective Resource estimate. As announced on 29 January 2021, Triangle has entered into an agreement with Key Petroleum Limited pursuant to which, amongst other things, Triangle will acquire an additional 50% joint venture interest in L7 (KEY Agreement), bringing its total interest to 100% 1. As part of Triangle's review of the Prospects and Leads portfolio within L7 (Review), the historical well results in the area were reviewed in detail, an up-to-date petrophysical analysis of the wells was undertaken, and the mapping performed by KEY, as Operator of the L7 Joint Venture, was reviewed. These prospects and leads will be evaluated for drilling with the Bookara 3D seismic survey that is planned to be acquired in December 2021/January 2022. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. L7(R1) Oil Opportunities: The Mount Horner/Bookara Shelf area is an oil prone part of the North Perth Basin as evidenced by the Mt Horner oil field and numerous oil shows in wells in the area. The oil targets in L7 range from low-risk Mt Horner field attic/infill wells, Lower Jurassic exploration (Eneabba and Lesueur Formations), moderate risk Wagina/Dongara Formation exploration, and higher risk Permian (Irwin River Coal Measures, Kingia and High Cliff sandstones) exploration. The Wagina/Dongara Formation targets, which are coeval to the highly productive reservoirs in the Hovea, Jingemia and Eremia oil fields to the south, provide the largest opportunity in the portfolio with the Mount Horner Hangingwall, Arranoo Updip and Longhorn/Delilah closures. The Company's geological review also confirmed the correlation of the Permian Kingia and High Cliff Formation sandstone reservoirs, that are proven in the Waitsia and West Erregulla gas discoveries to the south, into wells in L7. Several wells in the Mount Horner fault block have strong oil shows in the Permian and the Company's petrophysical review suggests that live oil columns may be present in the Permian. The imaging of the Permian to further evaluate these opportunities will be a key objective of the planned Bookara 3D Seismic Survey. Several of the opportunities are also stacked and could be tested with a single vertical well. For example, a well targeting the Mount Horner Hangingwall Wagina Formation objective could also intersect one of the Mt Horner attic/infill targets and a Lower Jurassic Eneabba Formation objective. The Company expects that a multi-well oil exploration and appraisal well program could be delivered from the Bookara 3D seismic survey, which, if successful could be rapidly brought into production. L7(R1) Gas Opportunities: Gas exploration targets in the Permian, at the same geological level as the Waitsia, West Erregulla and Beharra Deep fields and the objective of the Lockyer Deep well which is currently drilling in the adjacent exploration permit, initially identified by KEY are also confirmed. The Permian Kingia and High Cliff reservoirs are correlated into several wells in L7 and Exploration Permit 437 (EP 437) proving the extension of this objective level on the Bookara Shelf. Both the Booth and MH11 Deep structures lie adjacent to the gas fairway to the south and are well positioned for any gas migration from the south that may be occurring within the Permian Kingia/High Cliff Formation sandstones. The gas exploration targets are considered to have moderate to high risk. Additional Kingia/High Cliff gas prospects are also present in the Mount Horner hanging wall block at Mt Horner Deep and NW Deep. Announcement • Aug 09
Triangle Energy (Global) Limited has completed a Follow-on Equity Offering in the amount of AUD 0.12 million. Triangle Energy (Global) Limited has completed a Follow-on Equity Offering in the amount of AUD 0.12 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,454,542
Price\Range: AUD 0.022
Transaction Features: Subsequent Direct Listing Announcement • Jun 18
Triangle Energy (Global) Limited announced that it expects to receive AUD 10 million in funding Triangle Energy (Global) Limited (ASX:TEG) announced a private placement of up to 454,545,455 fully paid ordinary shares at a price of AUD 0.022 for gross proceeds of AUD 10,000,000 on June 17, 2021. The transaction will include participation from new and existing sophisticated, institutional and professional investors. The transaction will be undertaken in two tranches. The first tranche of the placement, comprising 80,649,566 shares for AUD 1,774,290.452 will close on June 29, 2021 and second tranche comprising 373,895,889 Shares for AUD 8,225,709.558 will close on July 29, 2021. The issue of the Shares the subject of second tranche is subject to the Company obtaining shareholder approval. The shares in the first tranche will represent 11.5% of the share capital of the company. Directors of the company (or their nominees) intend to participate in second tranche of the placement for approximately AUD 250,000, subject to receipt of necessary shareholder approvals. Announcement • May 12
Triangle Energy (Global) Limited (ASX:TEG) completed the acquisition of 78.75% stake in Offshore Perth Basin exploration permit WA-481-P from Pilot Energy Limited (ASX:PGY). Triangle Energy (Global) Limited (ASX:TEG) agreed to acquire 78.75% stake in Offshore Perth Basin exploration permit WA-481-P from Pilot Energy Limited (ASX:PGY) for AUD 0.3 million on November 9, 2020. As per the terms of the transaction Triangle Energy will pay Pilot Energy AUD 0.3 million at closing and Triangle Energy will carry Pilot’s 21.25% share of costs for the first 3 years of the WA-481-P minimum work program up to a maximum of AUD1.22 million based on the current minimum work program. Post-acquisition Triangle Energy and Pilot Energy will retain 78.75% and 21.25% respective stakes. The transaction is subject to Pilot Energy acquiring Key Petroleum’s 40% interest in WA-481-P and Pilot and Triangle agreeing to a revised joint operating agreement in respect of WA-481-P, joint operating agreement in respect of the Cliff Head Wind & Solar Project Joint Venture and access agreements in respect of the cliff headand arrowsmith infrastructure and operations on the area of WA-481-P. The transaction is subject to standard regulatory approvals. The cutoff date to agree these documents and to complete is March 15, 2021. As on March 15, 2021, the completion date has subsequently been extended by mutual agreement between the parties, from March 15, 2021 to April 9, 2021. Lonergan, Natalie of Squire Patton Boggs acted as legal advisor to Pilot Energy and HWL Ebsworth Lawyers Pty Ltd. acted as legal advisor to Triangle Energy in transaction.
Triangle Energy (Global) Limited (ASX:TEG) completed the acquisition of 78.75% stake in Offshore Perth Basin exploration permit WA-481-P from Pilot Energy Limited (ASX:PGY) on May 11, 2021. Reported Earnings • Mar 19
First half 2021 earnings released: AU$0.011 loss per share (vs AU$0.001 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: AU$3.65m (down 52% from 1H 2020). Net loss: AU$5.04m (loss widened AU$4.82m from 1H 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Mar 15
Triangle Energy (Global) Limited Provides Cliff Head Resources, Well Planning and Farmout Update The Board of Triangle Energy (Global) Limited provided update regarding its Cliff Head project. On 3 November 2020, Triangle announced that in light of BP's intention to cease fuel production at its Kwinana Refinery and convert the Refinery into an import terminal, the company withdrew its Resources and Reserves estimates on the basis that the economic parameters underpinning these were now unknown. Triangle announced on 29 October 2020, a review of the Prospective and Contingent Resources for the Cliff Head asset, as a result of additional depth conversion work. As these estimates are not reliant on economic parameters, the Company is now in a position to restate the estimates as outlined below. These Contingent and Prospective Resources of October 29, 2020 are confirmed (Table 1). There are no material changes to the previous assessment. Triangle confirms that its Reserves estimates remain retracted at this time, as it considers oil marketing opportunities available within the greater South East Asian region. As at 31 December 2021, Cliff Head Field was producing approximately 800 BOPD. In regards to the Company's Reserves, the economics that underpin the quantum of Reserves are dependent on the outcome of the aforementioned, oil marketing opportunities being considered following BP's announcement of the Kwinana refinery shutdown. The Reserves for Cliff Head field will be reviewed for a June 30, 2021 evaluation date when Triangle has a reasonable basis upon which to consider the economic assumptions underpinning its Reserves estimates. As previously announced, Triangle, on behalf of the Cliff Head Joint Venture has commenced a farmout campaign to introduce a new partner to assist with the drilling of the priority targets at West High, Mentelle Updip and SE Nose. Successful wells on West High or SE Nose could be completed for immediate production and could have initial production rates of 3000 - 4000 BOPD providing a material uplift to the Cliff Head production if successful and extend asset life. An online data room has been established with multiple companies engaged in the farmout process. The company is also continuing to progress the well planning for the Cliff head satellite wells. The Company has received quotes from well construction service providers to complete the Select phase work leading into detailed design for SE Nose, West High and Mentelle Updip, targeting drilling during first half of 2022. Announcement • Jan 12
Triangle Energy (Global) Limited Announces Update in Relation to BP Kwinana Refinery Triangle Energy (Global) Limited announced on 3 November 2020 and 20 November 2020 respectively, in response to BP's intended conversion of the Kwinana oil refinery to a fuel import terminal. The Company has received formal notice of termination from BP under the Crude Oil Supply Agreement with the termination effective date being 16 February 2021. The Cliff Head Oil Field will continue to produce and deliver its product to the BP refinery in Kwinana until this time and the Company is continuing discussions with crude oil marketing firms regarding offtake alternatives available to Triangle. The Company will continue to keep shareholders updated in line with its continuous disclosure obligations. Announcement • Dec 02
Triangle Energy (Global) Limited Announces CH-7 well Workover Complete and Production Resumes Triangle Energy (Global) Limited advised that the CH-7 well at the Cliff Head Oil Field (Cliff Head) returned to production Operations returned after a successful Workover Programme (Workover) which included the installation of a new, downhole Electric Submersible Pump (ESP) and was completed ahead of schedule and under budget. Performance testing and verification is underway, however the Company announced that production associated with the CH-7 well is expected to stabilise at approximately 237 bopd, bringing the field total production to approximately 825 bopd. The successful resumption of production on the CH-7 well revalidates the Company's decision in 2019 to move to the Hydraulic Workover Unit (HWU) alternative system for safe and lower cost operations, ESP design and replacement. The Company would also like to update shareholders on the CH-6 Workover, which commenced concurrently with the CH-7 Workover. This Workover has been temporarily suspended after initial attempts to retrieve the old ESP were unsuccessful. The failed ESP had been in production for over ten years. This exceptional runlife is a testament to the operation of the well and the Cliff Head field from the Triangle team in Dongara. Announcement • Dec 01
Triangle Energy (Global) Limited Announces Production Resumes Triangle Energy (Global) Limited announced that the CH-7 well at the Cliff Head Oil Field (Cliff Head) returned to production on the afternoon of 28 November 2020. Operations returned after a successful Workover Programme (Workover) which included the installation of a new, downhole Electric Submersible Pump (ESP) and was completed ahead of schedule and under budget. Performance testing and verification is underway, however the Company announced that production associated with the CH-7 well is expected to stabilise at approximately 237 bopd, bringing the field total production to approximately 825 bopd. The successful resumption of production on the CH-7 well revalidates the Company's decision in 2019 to move to the Hydraulic Workover Unit (HWU) alternative system for safe and lower cost operations, ESP design and replacement. Reported Earnings • Sep 23
Full year earnings released - AU$0.011 loss per share Over the last 12 months the company has reported total losses of AU$3.79m, with losses widening by 116% from the prior year. Total revenue was AU$12.3m over the last 12 months, down 7.1% from the prior year. Announcement • Sep 05
Triangle Energy (Global) Limited announced that it has received AUD 2.2004 million in funding On September 4, 2020, Triangle Energy (Global) Limited (ASX:TEG) closed the transaction. Announcement • Aug 27
Triangle Energy (Global) Limited announced that it expects to receive AUD 2.2004 million in funding Triangle Energy (Global) Limited (ASX:TEG) announced a private placement of 73,346,667 at a price of AUD 0.03 for gross proceeds of AUD 2,200,400.01 on August 27, 2020. The transaction will include participation from professional and sophisticated investors. The investors will acquire approximately 17% stake in the company. The issue price of AUD 0.03 per share is an 18% discount to the 5-trading day volume weighted average price, 9.5% discount to the 15-trading day volume weighted average price prior to the date of this announcement and a 23% discount to the closing price of the company’s shares on August 21, 2020. Post the transaction, the company will have 434,100,349 issued shares in the company. The transaction is expected to close on September 4, 2020. 