Triangle Energy (TEG) Q2 2025 TU earnings summary

Executive summary

• Cash balance at 31 December 2024 was $10.89 million, bolstered by a $2.4 million receipt from Pilot Energy.

• Becos-1 well preparations completed; drilling expected late Q1 2025.

• Cliff Head Oil Field suspended; subject to revised Sale and Purchase Agreement with Pilot Energy.

• UK assets include 50% interests in P2628 (Cragganmore gas field) and P2650, both under evaluation.

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

Financial highlights

• Market capitalisation at $8.36 million (at $0.004 per share as of 31 Dec 2024).

• Cash receipts from customers for the quarter were $3.07 million.

• Net cash from operating activities for the quarter was $1.37 million.

• Net cash from investing activities was $1.26 million, including $230K from asset disposals and $543K spent on exploration.

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

• Estimated 19.4 quarters of funding available at current expenditure rates.

Outlook and guidance

• Becos-1 well to be drilled late Q1 2025; results will inform further drilling decisions.

• Five monthly payments totaling $4.85 million expected from Pilot Energy starting February 2025 for Cliff Head.

• Additional $4 million cash and up to $7.5 million in royalties contingent on CCS project milestones.

• New Philippine permits expected to be granted soon, expanding exploration portfolio.