Triangle Energy (TEG) Q3 2025 TU earnings summary

Executive summary

• Cash balance at 31 March 2025 was $9.85 million, with a market capitalisation of $10.44 million at $0.005 per share.

• Becos-1 exploration well in EP 437 was drilled and plugged after finding only minor gas shows; focus shifts to MH-28 prospect.

• Cliff Head Oil Field is suspended; sale to Pilot Energy is progressing with deferred payment terms and a secured promissory note.

• New ventures in the Philippines are advancing, with permit applications at the final review stage.

Financial highlights

• Receipts from customers for the quarter were $3.07 million; net cash used in operating activities was $0.63 million.

• Net cash from investing activities was an outflow of $0.28 million for the quarter.

• Net cash from financing activities was an inflow of $3.75 million, mainly from equity issuance.

• Estimated quarters of funding available is 9.01, indicating strong liquidity.

Outlook and guidance

• MH-28 prospect in L7 is being prepared for drilling, targeting oil in the Dongara reservoir.

• UK permits P2628 and P2650 are under evaluation, with reduced expenditure pending regulatory clarity.

• Philippine permits NA-11, PDA-BP-2, and PDA-BP-3 are awaiting final government approval.