Triangle raises $5m for projects

Triangle Energy Global has raised $5 million in order to advance its projects in the Perth Basin.

Under the placement offer, the West Perth-based oil and gas explorer and producer issued 312.5 million new fully paid ordinary shares across two tranches, at an issue price of 1.6 cents per share, with Euroz Hartleys operating as lead manager.

Approximately 210 million placement shares were issued during the initial tranche to raise $3.36 million, while the remaining $1.64 million, comprised of 102.5 million shares, will be issued subject to shareholder approval in late March. 

Triangle confirmed it will also distribute one listed option for every two shares subscribed to from the placement. Also subject to shareholder approval, these will each be exercisable at 2.5 cents per share, expiring on June 30 next year. 

Additionally, the company will facilitate a pro-rata non-renounceable entitlement offer to raise an additional $1.51 million, also at 1.6 cents per share. 

The entitlement offer, available to all shareholders, involves one fully paid share for every 17 shares held, as of March 6 2024. Along with this, one listed option for every two new shares offered will be exercised at 2.5 cents per share. 

Triangle managing director Conrad Todd said the proceeds would be welcomed ahead of drilling at its Perth Basin projects, which had been earmarked for later this year. 

“The Perth Basin is one of the most exciting onshore oil and gas basins in the world with multiple significant gas discoveries since the Waitsia discovery in 2014," he said.

"Triangle’s exploration acreage in the Perth Basin has not been drilled for thirty years, during which time the introduction of 3D seismic data has played a pivotal role in some of the Basin’s major discoveries.

"Recent 3D seismic surveys have revealed numerous high-quality oil and gas targets within Triangle’s tenure, with drilling of the Booth and Becos targets planned between the second and third quarter of this year.

"Drilling costs will be substantially met by joint venture partners, with Triangle retaining a fifty per cent project interest in both prospects, providing outstanding leverage to exploration success." 

It's been a busy start to 2024 for Triangle, which on January 30 received a North Sea licence from the UK government made up of several prospects containing about 269 billion cubic feet of gas.

During its December 2023 quarterly report, released last month, the company also revealed it had $5.24 million cash on hand.