Triangle Energy (TEG) H2 2024 earnings summary

Executive summary

• Transitioned from late-life oil production at Cliff Head to focus on exploration in the Perth Basin and new international permits in the UK and Philippines.

• Suspended oil production at Cliff Head in August 2024, with facilities being prepared for conversion to a CCS project.

• Entered agreement to sell Cliff Head assets to Pilot Energy for up to $16 million in staged payments and royalties.

• Drilled Booth-1 well (no hydrocarbons found), with two more wells planned in the Perth Basin.

• Divested all holdings in State Gas Limited post year-end, raising $1.3 million.

Financial highlights

• Revenue from discontinued operations (Cliff Head): $12.60 million (2023: $13.64 million).

• Net loss from continuing operations: $2.21 million (2023 net profit: $13.80 million).

• Net loss from discontinued operations: $13.63 million (2023: $12.48 million).

• Total comprehensive loss: $17.55 million (2023: $4.17 million loss).

• Cash balance at 30 June 2024: $5.01 million (2023: $10.80 million).

• Capital raised: $6.5 million via placements and entitlement offer.

Outlook and guidance

• Focus on drilling Becos-1 in EP 437 (late 2024/early 2025) and a third well in L7 (mid-2025).

• Awaiting outcome of international permit applications in the Philippines.

• Completion of Cliff Head sale expected by October 2024, with staged payments and future royalties.