Triangle Energy (TEG) H2 2025 earnings summary

Executive summary

• Completed divestment of Cliff Head oil field, with onshore assets sold to Pilot Energy for a $5.56M secured promissory note, plus interest and potential future milestone/royalty payments.

• Ceased contributing to Cliff Head operating costs from mid-October 2024; Pilot Energy now covers 100% of costs.

• Drilled Booth-1 and Becos-1 wells in the Perth Basin; both were dry but provided valuable geological data.

• JV partners Strike and Echelon withdrew from L7 and EP 437 permits after Becos-1; discussions ongoing regarding their exit.

• Progressed UK North Sea assets, with significant resource upgrades at P2628 (Cragganmore gas field).

• Awaiting finalisation of three new permit awards in the Philippines.

Financial highlights

• Net profit for the year: $0.61M (2024: $15.84M loss), driven by profit from discontinued operations (Cliff Head divestment).

• Net loss from continuing operations: $1.44M (2024: $2.21M loss).

• Revenue from discontinued operations: $3.07M (2024: $12.60M).

• Cash balance at 30 June 2025: $7.61M (up $2.61M YoY).

• Decrease in other receivables to $0.38M (from $3.19M YoY).

• Promissory note receivable of $5.56M recognised as part of Cliff Head sale.

Outlook and guidance

• Focus on progressing the sale of remaining Cliff Head interests and securing regulatory approvals.

• Plans to drill a second well in L7, advance UK permit work programs, and finalise Philippines permit awards.

• Anticipates further international exploration and development permits in the Philippines.