Triangle Energy (Global) Limited is an experienced oil producer and explorer with operations located in the Perth Basin, approximately 270 kilometers north of Perth, Western Australia.
Triangle is the registered operator and holds a substantial interest (78.75%) in the Cliff Head Oil Field (PL WA-31-L) encompassing the onshore Arrowsmith Stabilisation Plant and offshore Cliff Head Alpha Platform. Field production is ~1000 BOPD with the Company well positioned to leverage on its operating expertise and infrastructure to secure wider growth opportunities in the Perth Basin beyond the Cliff Head JV.
The Company’s growing footprint in the Perth Basin includes a 45% JV interest in the Xanadu-1 prospect within TP/15 Xanadu oil field and a 50% participating interest in PL7 (R1) inclusive of the Mt Horner oil and gas Field.
Outside of the Perth Basin, Triangle holds a substantial (32.71%) equity interest in ASX listed State Gas Limited (ASX:GAS) who are advancing the development of the Reids Dome Gas Project (PL 231) aimed to supply the shortage of gas in the eastern states and bring gas to market as quickly as possible.
Presenter – Rob Towner (Managing Director) - TEG is an experienced oil producer and explorer. The Company’s growing footprint in the Perth Basin includes a 45% JV interest in the Xanadu-1 prospect within TP/15 Xanadu oil field and a 50% participating interest in PL7 (R1) inclusive of the Mt Horner oil and gas Field.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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