Triangle Energy (TEG) H1 2025 earnings summary

Executive summary

• Net loss after tax for the half-year was $1.56 million, a significant improvement from the $4.91 million loss in the prior year period.

• The company is divesting its 78.75% interest in the Cliff Head Oil Field, with staged payments from Pilot Energy, though some instalments remain unpaid.

• New ventures in the Philippines and UK North Sea are progressing, with service contracts in the Philippines pending presidential approval.

Financial highlights

• Revenue from continuing operations was $658,401, up from $522,400 year-over-year.

• Net cash increased by $5.88 million to $10.89 million as of 31 December 2024.

• Total comprehensive loss for the half-year was $3.03 million, including a $1.47 million movement in reserves.

• Cash flows from operating activities were negative at $(1.06) million, but investing and financing activities contributed positively.

• Proceeds from the sale of State Gas shares totaled $1.27 million.

Outlook and guidance

• The company expects to drill the Becos-1 well in EP 437 in early April 2025.

• A third well is planned for late 2025, with MH-28 considered the most attractive prospect.

• The company continues to pursue new business initiatives in Asia and Europe, focusing on oil and gas exploration.