Triangle Energy (TEG) Q4 2025 TU earnings summary

Executive summary

• Cash balance at 30 June 2025 was $7.62 million, with no production expenditure as Cliff Head costs were covered by Pilot Energy following asset divestment.

• Sale of Cliff Head onshore assets to Pilot Energy for a $5.6 million secured promissory note, with additional interest and contingent payments tied to CCS project milestones.

• Becos-1 exploration well in EP 437 was drilled and plugged after minor gas shows; JV partners Strike and Echelon have withdrawn, leaving Triangle to review its position and potentially increase its interest to 100% in L7 and EP 437.

• Applications for new permits in the Philippines have progressed to final review, with ongoing evaluation of opportunities in Australia, Europe, and Asia.

Financial highlights

• Receipts from customers for the quarter were $3.07 million; net cash used in operating activities was $496,000.

• Exploration and evaluation expenditure for the quarter was $1.72 million, mainly for the Becos-1 well.

• Staff costs for the quarter were $412,000, partially offset by JV fee receipts.

• Net cash from financing activities was $3.75 million, including $4 million from equity issues.

• Cash and cash equivalents at quarter end were $7.62 million, providing an estimated 3.44 quarters of funding.

Outlook and guidance

• Triangle is preparing the MH-28 prospect in L7 for drilling, focusing on oil potential in the Dongara and Cattamarra reservoirs.

• The company expects to increase its interest in L7 and EP 437 to 100% following JV partner withdrawals.

• Awaiting final approval for new exploration permits in the Philippines, with a focus on gas development opportunities.