Triangle Energy (TEG) Q1 2025 TU earnings summary

Executive summary

• Cash on hand at end of September 2024 was $9.75 million, with an additional $2.4 million received in October.

• Raised $4 million via equity placement to fund exploration and drilling in the Perth Basin.

• Disposed of all 24.88 million shares in State Gas during the quarter.

• Cliff Head oil field entered Non Production Phase in August 2024; revised Sale and Purchase Deed with staged payments and future royalties.

• 8th and final oil offtake delivered 44,022 barrels at $80.70/bbl, with $3.55 million received in September.

Financial highlights

• Market capitalisation at $10.40 million as of 30 September 2024.

• Receipts from customers totaled $3.07 million for the quarter.

• Net cash from operating activities was $208,000; net cash from investing activities was $958,000; net cash from financing activities was $3.75 million.

• Cash and cash equivalents at quarter end were $9.75 million.

• Payments included $2.27 million for production, $309,000 for exploration, $427,000 for staff, and $348,000 for admin.

Outlook and guidance

• Becos-1 well preparations underway, with spud expected in Q1 2025.

• Third well in L7 to be selected after analysis of first two wells; candidates are Huntswell Deep and MH-2 Updip.

• New ventures pursued in Australia, Asia, and the UK, including bids for permits in the Philippines and ongoing negotiations for a Petroleum Service Contract.