Triangle Energy (TEG) Q4 2024 TU earnings summary

Executive summary

• Cash balance at 30 June 2024 was $5.03 million, with a market capitalisation of $38.08 million at $0.021 per share.

• Significant progress in exploration, new ventures, and transition of Cliff Head Oil Field to carbon capture and storage.

• Awarded new permits in the UK and progressing negotiations for a petroleum contract in the Philippines.

Financial highlights

• Oil sales revenue of $6.54 million (net 78.75%) received in April 2024 for the 7th Cliff Head crude oil sale.

• Payment of $8.3 million (100% gross) received for Cliff Head JV in late April.

• Net cash from operating activities for the quarter was $406,000; cash at period end was $5.03 million.

• Payments for exploration and evaluation during the quarter totaled $348,000.

Outlook and guidance

• Booth-1 well to spud by 31 July 2024, targeting up to 540 Bcf of gas (gross) with a best estimate of 279 Bcf.

• Becos-1 prospect drilling expected in Q4 2024, pending environmental permit.

• Cliff Head Oil Field to enter Non Production Phase in August 2024, with final oil export scheduled.

• Transition to carbon capture and storage at Cliff Head progressing, with regulatory milestones achieved.