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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Triangle Energy (Global) Limited    TEG   AU000000TEG2


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Triangle Energy Global : Chairman's Address to Annual General Meeting

11/30/2020 | 05:15pm EST

ASX Announcement

27 November 2020



Good afternoon and welcome to Triangle Energy (Global) Limited's (Triangle, the Company) Annual General Meeting for 2020.

My name is Timothy Monckton and it gives me great pleasure to serve as Non - Executive Chairman of Triangle and Chairman of this Annual General Meeting (AGM) of its shareholders.

The last twelve months has been challenging for your Company, but through excellent stewardship of the flagship Cliff Head operations and assets, and other strategic moves, the Company has strengthened its position in the Perth Basin.

The global pandemic of Covid-19 has impacted all companies and businesses across the world, impacting energy companies particularly with the oil sector being the worst performing sector in 2020.

The most obvious impact was in the falling oil price caused by heavily reduced demand, from more than US$60 a barrel in January 2020 to less than US$19 a barrel in April 2020. The oil price has since recovered to US$47.80 as at today's date.

Importantly, your Company acted quickly to implement a Covid-19 plan to ensure the safety of its employees and contractors, and the ongoing safe operation of its offshore and onshore assets in the Perth Basin. Immediate action from your management team also resulted in Triangle's operating costs being reduced to a level that was sustainable in the changed economic environment.

In July this year arbitration proceedings held in the BANI Arbitration Centre in Jakarta, Indonesia, pleasingly resulted in the tribunal finding in favour of your Company in relation to a claim by Perusahaan Daerah Pembangunan Aceh (PDPA). The claim related to the Production Sharing Contract for the Pase Concession (in which Triangle sold its interest in February 2016). The tribunal rejected PDPA's claim and ordered PDPA to pay Triangle's arbitration costs of approximately AUD$47,000.

In August we completed a $2.2 million capital raising through a placement of shares and launched a Share Purchase Plan. The total amount raised as a result of the SPP was approximately $4 million and once again the Board would like to thank shareholders for their overwhelming support.

Triangle Energy (Global) Limited ABN 52 110 411 428triangleenergy.com.au

Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6872 Australia

  1. +61 8 9219 7111

The funds raised are being used towards completion of the workovers for CH-6 and CH-7 at Cliff Head as well as planning and initial tabletop activities for the South East Nose, West High and Mentelle drilling campaigns.

The CH-6 and CH-7 workovers commenced on 26 October 2020 and when completed, these workovers should return approximately 400 barrels of oil per day to Cliff Head's production, taking total production to approximately 1000 barrels of oil per day.

At last year's meeting I spoke about your Company's acquisition of a further 15% participating interest in Exploration Permit TP/15, which contains the Xanadu oil discovery in relation to the Company's strategy to secure a premier position in the Perth Basin, focused on oil. This acquisition brought the Company's total interest to 45%.

As part of this expansion strategy, the Company has also identified 3 main opportunities in the Mount Horner licence in which it holds a 50% interest with Key Petroleum Limited (KEY), that it wishes to develop for drilling with a 3D seismic survey: the re-development of Mount Horner oil field, Triassic oil exploration targets and possible Permian targets below Mount Horner field (same geology as Waitsia). KEY, on behalf of the joint venture, has commenced the planning work program for this survey, with acquisition targeted for May 2021.

More recently, this month, in further execution of this strategy, we announced the acquisition of a 78.75% interest in and operatorship of, offshore Perth Basin exploration permit WA-481-P from Pilot Energy Limited (PGY), which is still subject to completion. WA-481-P is located immediately adjacent to and contiguous with the Cliff Head Oil Field (Cliff Head) so this acquisition, once completed, will mean we can leverage our Perth Basin operations and infrastructure to unlock further value in the under-explored Perth Basin.

Triangle and Pilot have also agreed to form the Cliff Head Wind & Solar Project Joint Venture with Pilot 80% owner and operator and Triangle holding 20%. The Joint Venture, once formed, will assess the feasibility of the development of a large-scale wind and solar project based around the Cliff Head facilities, with Pilot to carry Triangle's costs.

BP Australia announced earlier this month that it intends to cease fuel production at its Kwinana Refinery and convert the refinery into a fuel import terminal. BP has advised the Company that it will continue operating the refinery in its current state for many months while it completes its planning for a conversion to a fuel import terminal. It has also committed to discussions to reach an understanding of what the proposed conversion will mean under the Crude Oil Supply Agreement it has with the Company.

During this time the Cliff Head Oil Field will continue to produce and deliver its product to the BP refinery in Kwinana under its existing agreement with BP whilst the Company pursues the options available to it for its Cliff Head product.

Mr Malcolm King joined your Board as Non-Executive Director in June. Mr King has over 30 years' experience in the upstream oil and gas industry in both technical and commercial leadership roles,

Triangle Energy (Global) Limited ABN 52 110 411 428triangleenergy.com.au

Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6872 Australia

  1. +61 8 9219 7111

mostly with Shell in assignments across Australia and Asia, and I welcome Malcolm to today's meeting.

I would like to acknowledge the Managing Director, Rob Towner and his team for guiding your Company though a difficult year and positioning it for ongoing growth, development and expansion in the Perth Basin. In a difficult external environment, the focus Rob and all the team have placed on the safe and efficient operation of Cliff Head, while progressing potential expansion options, has been commendable. I would like to again take this opportunity, as always, to thank the Company's shareholders for their support as well as my fellow Board members for their ongoing counsel.

In line with Covid-19 governmental requirements and bearing in mind the health and safety of our shareholders, we will be keeping the AGM to the business of the meeting only and therefore there will be no Managing Director's presentation this year.

Approved for release by:

The Board of Directors


For more information:

Mr Robert E T Towner

Managing Director

E: rtowner@triangleenergy.com.au

Ph: +61 8 9219 7111

General shareholder enquiries:


About Triangle Energy (Global) Ltd

Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and a 45% equity interest in the Xanadu-1 Joint Venture, both located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

Triangle Energy (Global) Limited ABN 52 110 411 428triangleenergy.com.au

Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6872 Australia

  1. +61 8 9219 7111

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Triangle Energy (Global) Limited published this content on 27 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2020 22:14:05 UTC

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Net income 2020 -3,79 M -2,92 M -2,92 M
Net cash 2020 1,62 M 1,24 M 1,24 M
P/E ratio 2020 -3,06x
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Robert E. T. Towner CEO, Managing Director & Executive Director
Timothy Monckton Independent Non-Executive Chairman
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