Triangle Energy Global : Half-year Financial Report

For personal use only

CORPORATE DIRECTORY

DIRECTORS

Mr Greg Hancock (Non-Executive Chairman)

Mr Conrad Todd (Managing Director)

Mr Mike Collins (Non-Executive Director)

COMPANY SECRETARY

Mr Henko Vos

REGISTERED OFFICE

Suite 2, Ground Floor, 100 Havelock Street, WEST PERTH, WA 6005, Australia

PRINCIPAL PLACE OF BUSINESS

Australia (Head Office):

Suite 2, Ground Floor, 100 Havelock Street, WEST PERTH, WA 6005, Australia

BANKERS

Westpac Banking Corporation

275 Kent Street Sydney NSW 2000, Australia

SECURITIES EXCHANGE LISTING

ASX Limited

20 Bridge Street Sydney NSW 2000, Australia

ASX Code: TEG

SHARE REGISTRY

Automic

Level 2, 267 St Georges Terrace, Perth WA 6000, Australia

AUDITORS

HLB Mann Judd (WA Partnership)

Level 4, 130 Stirling Street, PERTH WA 6000, Australia

SOLICITORS

Hamilton Locke

Level 27, Central Park, 152/158 St Georges Terrace, Perth WA 6000, Australia

For personal use only

DIRECTORS' REPORT

The Directors present the interim financial report of Triangle Energy (Global) Limited (the Company, Group, Consolidated Entity or TEG) for the half-year ended 31 December 2021 and the Auditor's review report therein:

Directors

The Directors of the Company at any time during or since the end of the interim period and until the date of this report are noted below.

Mr Greg Hancock (Non-Executive Chairman) - appointed 14 February 2022, Chairman 15 February 2022 Mr Conrad Todd (Managing Director) - appointed 14 February 2022, Managing Director 15 February 2022 Mr Mike Collins (Non-Executive Director) - appointed 14 February 2022

Mr Timothy Monckton (Non-Executive Chairman) - resigned 14 February 2022

Mr Robert Towner (Managing Director) - resigned 8 February 2022

Mr Wai-lid Wong (Non-Executive Director) - resigned 8 February 2022

Mr Malcolm King (Non - Executive Director) - resigned 14 February 2022

Ms Deanna Carpenter (Non - Executive Director) - resigned 14 February 2022

REVIEW OF OPERATIONS

Company Overview

Triangle is an oil production and exploration company based in Perth, Western Australia. The Company currently holds a 78.75% interest in, and is the Registered Operator of, the producing Cliff Head Oil Field (WA-31-L) located in the Perth Basin.

Further, the Company has a 45% joint venture interest in Licence TP-15 which includes the Xanadu-1 oil discovery, a 50% participating interest in Production Licence L7(R1). With an agreement to purchase the remaining 50% in L7 and 86.94% in Exploration Permit 437, subject to Completion1. All permits are in the Perth Basin.

The Company holds 23.96% equity interest in Australian Securities Exchange-listed State Gas Limited (ASX:GAS) which has a 100% operating interest in the Reid's Dome production Licence PL 231 and Rolleston-West (ATP 2062) in Queensland.

Triangle has twelve years of operational experience in the oil and gas sector. The Company has a track record of performing ahead of industry averages in safety performance and will continue to pursue the highest standards in HSE.

Cliff Head, Perth Basin, Western Australia

The Cliff Head Oil Field (Cliff Head) is located approximately 300 kilometres north of Perth and 12 kilometres off the coast of Dongara in Western Australia at a water depth of 15-20 metres. The Production Licence WA-31-L covers 72km² and the oil field covers 6km². It was the first commercial oil discovery developed in the offshore Perth Basin with a development cost of AU$327m and first oil production commencing in May 2006.

Ownership/Operatorship

Triangle has a majority 78.75% interest in, and is the Registered Operator of, the producing Cliff Head Oil Field.

The Company is committed to maintaining the Cliff Head onshore and offshore infrastructure. The investment in infrastructure supports future anticipated increases in field production and enables the handling of regional oil through the Arrowsmith Stabilisation Plant (Arrowsmith: ASP) which has a nameplate capacity to process 15,000 barrels of oil per day.