Triangle Energy Global : Corporate Presentation August 2020

ASX Announcement

21 August 2020

ASX:TEG

Corporate Presentation

Triangle Energy (Global) Limited (Triangle or the Company) (ASX: TEG) attaches its Corporate Presentation for August 2020.

Authorised for Release by:	Mr Robert E T Towner
	Managing Director

ENDS

General Shareholder Enquiries:

[e-mail]

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% share of 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 6905 Australia

1. [phone]

August 2020

Perth Basin Oil Producer & Explorer

Leveraging off our operating expertise and infrastructure to secure wider growth opportunities in the Western Australian, Perth Basin

www.triangleenergy.com.au ASX:TEG

Corporate Overview

CAPITAL STRUCTURE

ASX Code	TEG
Shares on issue	360.7 million
Other Securities on Issue	72.1M Listed Options exc @ $0.12 exp 30/09/20
	1.8M Unlisted Options exc @ $0.10, exp 6/11/21
	29.1M Performance Rights
Share price	$0.037 (as at 20 August 2020)
Market Capitalisation	$13.3 million (as at 20 August 2020)
Cash	$2.41 million which includes AUD 1.49 million in
	escrow (at 30 June 2020)
Debt1	$0.87 million
Investments	$26.3 million
	(State Gas Shares ASX:GAS at $0.55 per share 20 August 2020)

OPERATING METRICS

	Sep 19	Dec 19	Mar 20	June 20
	Qtr.	Qtr.	Qtr.	Qtr.
Cliff Head Daily Production (100%)2	778 bopd	801 bopd	707 bopd	735 bopd

Notes:

1. Intercompany debt position at 30 June 2020, Triangle Energy (Operations) Pty Ltd Shareholder Loan
2. Produced and sold during financial year ending 30 June 2020 is 276,452 barrels of crude oil.

EXPERIENCED BOARD

Tim Monckton	Rob Towner
Non-Exec Chairman	Managing Director

Malcolm King	Wai-Lid Wong
Non-Exec Director	Non-Exec Director
SHAREHOLDER COMPOSITION
Tamarind Resources & Assoc	16.8%
Institutional	14%
Directors	4%
Whitebark Energy	4%
Other Shareholders	54%	2

Cliff Head Project

Unlocking the potential in an underexplored energy province

• Location and Tenure
• • Approximately 270km north of Perth, Western Australia
  • Production License WA-31-L covers 72km2 including 6km2 oil field
• Infrastructure
• • Cliff Head Alpha unmanned platform, approximately 12km offshore in 15m-20m water
  • Onshore Arrowsmith Stabilisation Plant - production capacity of 15,000 BOPD and well placed to process third party crude
• Operations
• • Five production wells
• Renewal Program Increases Production & Resources
• • Cliff Head Joint Venture has invested $6.2m CAPEX for the 12-month period ending June 2020
  • Several drilling and workover opportunities in the Cliff Head area matured to Contingent Resources
• Opportunities to Increase Reserves at Cliff Head
• • 
    - THREE priority drilling targets advanced and can be drilled and developed from the Cliff Head platform following the CH Renewal Project
  • TWO new features were also identified
  • Detailed well planning, targeting a drilling campaign to commence when

appropriate

3

Cliff Head Oil Field

Generating value through reliable and efficient operations

Before and After Oil Price Decrease

Cliff Head JV 100%	Ave Oil
Ave Cost and Profit Per Barrel (USD)	Price
Quarter Ending Mar-20
USD54

Cliff Head JV 100%	Ave Oil
Ave Cost and Profit Per Barrel (USD)	Price
Quarter Ending Jun-20	USD26

U$60.00	USD8.4
USD15.5
U$50.00
U$40.00	USD3.4
U$30.00
U$20.00	USD27
U$10.00	Profit is before tax and
U$0.00	royalty

Lifting Costs Trucking Non Routine Profit

U$30.0

U$25.0

U$20.0

U$15.0

U$10.0

U$5.0

U$0.0 -$5.0

Lifting Costs

USD4.9

USD3.3

USD21.5

-USD3.6

Profit is before tax and royalty

Trucking Non Routine Profit

• Average lifting cost for the 12-month period ending June 2020 is USD24 per barrel
• Based on June 2020 quarter, normal operation at Cliff Head (excluding non-routine
  works) remains profitable at US$26 per barrel. Any surplus is invested in non-routine activities and capital expenditures

 Revenue received in US dollars from BP on a monthly basis	4

Cost Management

Strong and supportive relationships with local suppliers

Measures adopted:

 Secure savings on routine costs while maintaining full staff

 Defer non-essentialnon-routine activities

 Continued commitment to CAPEX maintaining regulatory compliance

 Proceed with grouting works and secure long lead items for future ESP workovers

 Vendor Contract variations:  Office lease

 Marine services  Air services

 Transport and

 Ongoing parts and supply contracts

 Lifting costs currently below US$25 per barrel

5

Arrowsmith Stabilisation Plant

Vital onshore infrastructure servicing the Perth Basin

• Production capacity of 15,000 BOPD well placed to service an increase in Reserves as well as process third party crude
• Crude oil is delivered daily by road train tankers from Arrowsmith to the BP refinery in Kwinana, south of Perth

6

A Growing Footprint in the Perth Basin

Asset Portfolio

78.75% 21.25% WA-31-LCliff Head Producing Asset

• 2P reserves 1.71* MMstb as at 30 June19
• Cliff Head Renewal Project
• • 2C Contingent Resource 3.52*MMstb
  • • SE Nose developmentwell
    • West High appraisal/developmentwell
• Mentelle prospect Best Estimate Prospective Resource 5.2** MMstb
• Planning for Cliff Head Renewal Project

development drilling

* 100% basis

Waitsia

West Erregulla

50/50%

JV

L7(R1) Mt Horner

• 50% equity holder
• Farm-outAgreement completed

		3C Group
25%		IC Limited
Operator	45%	30%

TP/15 - Xanadu Discovery

• 45% equity holder
• 3D seismic acquisition completed 14 July 19
• Updated Xanadu discovery resource definition and potential appraisal well location in Q4 19
• Substantial additional prospectivity in TP15
• • West Xanadu leads
• Infill 2D seismic program being evaluated for mid 2020 to define these lead for drilling

**The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated 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 moveablehydrocarbons.

7

Cliff Head Renewal Project

Three Priority Drilling Candidates Advanced

Far North

West High

1.0 MMstb

Mentelle Updip

5.2 MMstb

West Flank

East K Reservoir

Catts

0.8 MMstb

Southern

Extension

SE Nose

1.0 MMstb

South Cliff Head

3.0 MMstb

• Important potential remaining in undrilled satellite features
• 1. Mentelle Updip Prospect
  2. 1. Mmstb
  3. West High appraisal/development
  4. 1. MMstb
  5. SE Nose development
  6. 1. MMstb
  7. Additional exploration at
  8. • Catts
     • South Cliff Head
• Infield development relatively mature

• • Far North opportunity
• Valuable Infrastructure
• • Cliff Head shore cross and pipeline evacuation route for offshore hydrocarbons
• NEXT

Commence detailed well planning,
targeting a drilling campaign	8

Resource Summary

WA-31-L Cliff Head

Cliff Head (PL WA-31-L)

Gross Contingent Resources					Net TEG 78.75% Contingent Resources
(MMstb Oil)	1C	2C	3C		(MMstb Oil)	1C	2C	3C
SE Nose	0.50	1.01	2.07		SE Nose	0.39	0.80	1.63
West High	0.00	0.95	2.27		West High	0.00	0.75	1.79
West Flank	0.00	0.79	1.14		West Flank	0.00	0.62	0.90
Far North		0.41			Far North		0.32
East Horst K Sand		0.36			East Horst K Sand		0.28
CH11 Block	0.00	0.06	0.69		CH11 Block	0.00	0.05	0.54
Total (Gross)	0.50	3.52	5.48		Total TEG Share		2.77

Gross Prospective Resources**
(MMstb Oil)	Low	Best	High
Cliff Head
Mentelle Updip	1.98	5.15	9.18
Catts	0.35	0.77	1.42
Southern Extension		0.54
South Cliff Head		3.00
Total (Gross)		9.46

Net TEG 78.75% Prospective Resources**

(MMstb Oil)	Low	Best	High
Cliff Head (78.75% TEG Share)
Mentelle Updip	1.56	4.06	7.23
Catts	0.28	0.61	1.12
Southern Extension		0.43
South Cliff Head		2.36
Total TEG Share		7.45

**The estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate	to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of development. Further exploration and development is required to determine the existence of a significant	9
quantity of potentially moveable hydrocarbons.

Perth Basin

Unlocking Value in JV Projects

TP/15 Xanadu Oil Field (TEG 45%)

Baldivis

Smithbrook

Cliff Head

Xanadu-1

West Xanadu

South Xanadu

• Xanadu-1oil discovery highlights the exploration potential of TP/15
• • West Xanadu follow-up lead mapped immediately west of Xanadu-1
  • Much improved reservoir development expected
  • South Xanadu lead on FTG data
  • Historical Smithbrook and Baldivis leads to the north
• Near shore development to Arrowsmith plant

Next Steps - TP/15 Joint Venture Planning

• Acquisition of low cost 2D seismic data to mature the West Xanadu area for drilling will be considered by the Joint Venture

10

Perth Basin

Unlocking Value in JV Projects

Mount Horner Production Licence L7 (R1) Joint Venture (TEG 50%)

Longhorn

Delilah

		Hinckley	Updip MH9	Booth
	Arranoo		Mt Horner
	Updip		South
Wotnot		Hinckley	Hinckley	MH11
	West	South	Deep
Forgetmenot
		Jurassic Prospects
		Permo-Triassic Prospects
Base Kockatea Depth

• Mount Horner 3D seismic survey to evaluate multiple drilling opportunities

1. Infill, attic and appraisal oil opportunities within existing Mt Horner Field
2. • Mount Horner lookalike prospect Delilah, on trend north of Mount Horner Field
3. Permian and Triassic level oil prospects (Irwin River Coal Measures)
4. • Oil prospects at the same geological level as Waitsia and West Erregulla
   • Little to no exploration undertaken at the Permian and Triassic oil prospectivity in the north of the basin to date
   • Multiple prospects identified in L7

• A potential new onshore North Perth Basin

production centre

11

32.7% equity interest in ASX:GAS

 TEG's Reid's Dome asset acquired via successful listing of State Gas Ltd

 GAS holds an 100% interest and is the Operator of the Reid's Dome Gas Project (PL231) in Queensland's Bowen Basin (Australia)

 Three successful wells drilled during Q4 2018 - Primero West-1, Nyanda-4and Serocold-1

 Nyanda-4was re-enteredand completed during the December 2019 Quarter, and is producing gas

 Drilling at Aldinga East-1Aand Serocold-1has confirmed the presence of the Reid's Dome coal measures throughout the spine of PL 231 with gas content on a par with Nyanda-4

 August 2020 - Completion of Phase 1 Appraisal Program at Reid's Dome confirming presence of coal seam gas across PL 231.

State Gas Limited (ASX:GAS)

Progressing development to bring gas to market

Nyanda-4 flare, Reid's Dome Gasfield, 8 January 2020

	Flaring of Aldinga East-1 drilled in November 1993	12
Depth structure map of PL 231

FY20 Program On Track

Lifting Costs at Cliff Head Decreased to

US$21.5 a barrel

(quarter ending June

2020)

Further Improvements and Savings Identified. Reduced Lifting Cost Expected to Continue over the Next Financial

Year

Study Value Adding	Unlock Value in Joint
Options for Cliff Head
Following Review of	Venture Projects
Subsurface	TP/15 Xanadu
Opportunities in First	L7(R1) Mount Horner
Half 2019
	13

Notes Regarding Contingent and Prospective Resources

1. The Prospective Resources and Contingent Resources lie within the Cliff Head Production Licence WA-31-L
2. Gross Prospective and Contingent Resources are attributed to 100% joint venture interest in WA-31-L.
3. Net Prospective and Contingent Resources are attributed to Triangle Energy's 78.75% net interest in WA-31-L.
4. The Contingent and Prospective resources reported here were reported previously on 23 April 2020. There is no new data and information that affects these Prospective and Contingent Resources.
5. The Petroleum Resources were prepared in accordance with the SPE-PRMS (2018).

14

Disclaimer and Forward Looking Statements

This Presentation is provided on the basis that Triangle Energy (Global) Limited ("Triangle" or the "Company") nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

Certain statements in this presentation contain 'forward-looking statements' including, without limitation to: expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and accordingly, involve estimates, assumptions, risks and uncertainties and other factors discussed in our most recently lodged Annual Report, our website, http://www.triangleenergy.com.au/, and in our other public documents and press releases. These forward-looking statements are based on Triangle's current expectations, estimates and projections about the company, its industry, its management's beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, Triangle's ability to meet its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance and to achieve its production and budget expectations on its projects.

Whenever possible, these 'forward-looking statements' are identified by words such as "expects," "believes," "anticipates," "projects," and similar phrases. Because such statements involve risks and uncertainties, Triangle's actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that Triangle lodges periodically with the Australian Securities Exchange.

Prospective Resource and Contingent Resource estimates were prepared by Triangle's Subsurface Manager, Mt Matt Fittall on 20 April 2020. They are based on 2D and 3D seismic data, well data, geological data and other engineering data and are prepared by the probabilistic method unless otherwise stated in accordance with the Petroleum Resources Management System (2018). Best Estimate Prospective Resources (2U) and Best Estimate Contingent Resources (2C) are reported unless otherwise stated.

Information that relates to the prospective and contingent resources is based on and fairly represents, information and supporting documentation prepared by or under the supervision of Mr Fittall. He has provided his written consent to the form and context in which the information that relates to the Contingent Resources and Prospective Resources presented. Matt Fittall is a geologist and senior industry executive of over 30 years standing. He has a foundation of 25 years experience in a range of technical, operational and management roles with major Operators, primarily BHP Billiton, and Delhi Petroleum (now a subsidiary of Beach Energy). Mr Fittall is a member of the Petroleum Exploration Society of Australia (PESA). Mr Fittall has consented in writing to the inclusion of the information in the form and context in which it appears15.

This presentation was approved for release by Robert Towner, Managing Director

Triangle Energy (Global) Limited

(ASX:TEG)

Mr Rob Towner

Managing Director

Ground Floor

100 Havelock St

West Perth Western Australia 6005

[e-mail]
www.triangleenergy.com.au
@Triangle_Energy	16