Triangle Energy Expands Philippines Permits Amid Perth Basin Legal Battle

New Permits in the Philippines Signal Growth Ambitions

Triangle Energy (Global) Limited has bolstered its exploration portfolio with the award of three new permits in the Philippines. Two offshore permits, SC-80 and SC-81, located in the Sulu Sea's Sandakan Basin, come with a 37.5% interest and include existing gas discoveries such as Palendag-1 and Dabakan-1. Additionally, the company secured a 100% interest in an onshore permit, SC-82, on Luzon Island, which contains the Nassiping-2 gas discovery. These permits position Triangle in a prolific hydrocarbon province with significant potential, supported by planned seismic reprocessing and appraisal activities.

Legal Disputes Reshape Perth Basin Interests

In Western Australia’s Perth Basin, Triangle is navigating complex joint venture dynamics. The company has initiated legal proceedings against joint venture partners Strike Energy and Echelon Resources for failing to meet their farm-in obligations on the L7 permit. Both partners have withdrawn from the joint venture, paving the way for Triangle to increase its stake to 100%. The dispute centers on the obligation to fund a third well, with Triangle now preparing the MH-28 prospect for drilling, which holds promising oil and gas targets.

Cliff Head Transition to Carbon Capture and Storage

Triangle has finalized the sale of its Cliff Head oil field facilities to Pilot Energy, which is advancing the site’s transition into a carbon capture and storage (CCS) project. The transaction includes a secured promissory note valued at $5.6 million, with interest accruing and repayment tied to project milestones. Pilot Energy assumes full responsibility for ongoing operational costs, reflecting Triangle’s strategic shift away from production towards exploration and emerging energy technologies.

UK Assets Under Careful Review Amid Market Uncertainty

Triangle holds a 50% non-operated interest in two UK licenses, P2628 and P2650. The Cragganmore gas field within P2628 has seen an increase in contingent resources following extensive evaluation by operator Athena Exploration. However, both licenses are currently in care and maintenance mode due to subdued political and market sentiment towards oil and gas activities in the UK. Low-cost technical work continues to enhance asset value for potential future transactions.

Financial Position and Operational Highlights

As of 31 December 2025, Triangle reported a cash balance of $5.59 million. The company incurred $628,000 in exploration and evaluation expenditures during the quarter, primarily related to its Philippines permits and rehabilitation costs in the Perth Basin. Notably, there were no production expenditures due to Pilot Energy covering Cliff Head operational costs. Payments to related parties amounted to $144,000, reflecting executive and director remuneration. The company maintains a strong focus on environmental compliance and occupational health and safety, with zero reportable incidents and an excellent safety record.