JV Partner Withdrawals and CCS Transition Pose Challenges for Triangle Energy

Financial Reporting Adjustment

Triangle Energy (Global) Limited (ASX, TEG) has issued an amendment to its Appendix 5B quarterly cash flow report for the period ending 30 September 2025. The correction addresses an administrative oversight that affected figures related to cash available for future operating activities, notably reducing payments for exploration and evaluation from $1.72 million to $287,000. This adjustment provides a clearer picture of the company's liquidity and operational cash flow.

Expanding Footprint in the Philippines

Building on its strategic growth ambitions, Triangle Energy has been awarded three new service contracts in the Philippines, SC-80, SC-81 offshore in the Sulu Sea, and SC-82 onshore in the Cagayan Basin. These permits include significant gas discoveries such as Nassiping-2, Palendag-1, and Dabakan-1, with contingent resources estimated in the hundreds of billions of cubic feet of gas. The company holds a 100% interest and operatorship in SC-82 and a 37.5% interest in the offshore permits, positioning Triangle to capitalize on Southeast Asia's growing energy demand.

Perth Basin Joint Venture Changes

In Western Australia, Triangle is navigating a complex situation as its joint venture partners Strike Energy and Echelon Resources have submitted withdrawal notices from the L7 and EP 437 permits. Triangle currently holds a 50% interest and is operator of these licences, which contain promising oil and gas prospects including the MH-28 prospect. The company is reviewing its contractual position and evaluating the implications for future drilling and development plans.

Cliff Head Transition to Carbon Capture and Storage

Triangle Energy continues to advance the transformation of its 78.75% interest in the Cliff Head Oil Field towards a carbon capture and storage (CCS) project. The sale of the onshore Arrowsmith assets to Pilot Energy for a secured promissory note of $5.6 million reflects a strategic move to support this transition. Pilot Energy is now covering ongoing operational costs as the project seeks regulatory approvals, including the issuance of a Greenhouse Gas Injection License, which will trigger further payments to Triangle.

Financial Position and Governance

Triangle Energy reported a cash balance of $6.9 million at quarter-end, maintaining a solid financial footing despite exploration expenditures and corporate costs. The company disclosed payments to related parties totaling $147,000 during the quarter. Governance remains a priority, with ongoing commitments to environmental and social risk management, occupational health and safety, and compliance with regulatory standards across its operations in Australia, the UK, and the Philippines.

Looking ahead, Triangle Energy is actively assessing new ventures across Australia, Europe, and Asia, aiming to expand its portfolio while managing operational and regulatory challenges.