Triangle Energy (TEG) AGM 2024 presentation summary

Strategic focus and portfolio changes

• Divesting the Cliff Head Oil Field to Pilot Energy for up to $18 million, removing abandonment liability and freeing capital for growth opportunities.

• Received first payment of $2.4 million in October 2024, with further staged payments and royalties expected.

• Actively pursuing new ventures in the UK North Sea and the Philippines, with awarded and pending permits.

• Reviewing additional opportunities in Australia and other jurisdictions.

Exploration and drilling program

• High-value exploration drilling in the Perth Basin, targeting low-cost, high-impact wells.

• Becos-1 well in EP 437 scheduled for March 2025, targeting up to 21 MMbbl gross oil (best estimate 5 MMbbl).

• Possible third well in CY25, with prospects including MH-2 Updip (2 MMbbl oil, 140 Bcf gas), Huntswell Deep (60 Bcf gas), and Mountain Bridge South (54 Bcf gas, 5 MMbbl oil).

• L7 and EP 437 permits each held at 50% interest, with multiple oil and gas prospects identified.

Resource potential and prospectivity

• L7 contains proven oil at Mt Horner; EP 437 contains proven gas at Wye-1.

• Ten oil prospects in L7 with a best estimate total of 33 MMbbl gross (17 MMbbl net to 50% interest).

• Prospective resources in EP 437 include Becos (up to 21 MMbbl oil gross) and Wye Knot (up to 4 MMbbl oil gross).

• New discoveries in adjacent permits support significant oil potential in the Dongara and Arranoo reservoirs.