Triangle Energy Promotes Rory McGoldrick to CEO as Tetragon Prepares IPO

Leadership Shift Reflects Strategic Spinout

Triangle Energy (ASX:TEG) is recalibrating its executive team in tandem with the spinout of its Philippines assets into Tetragon Energy, which is targeting an ASX listing in June 2026. Rory McGoldrick, previously Chief Operating Officer since December 2024, will take the helm as Chief Executive Officer from 1 May 2026, while Conrad Todd steps down as Managing Director to assume a Non-Executive Director role.

The transition signals a clear delineation between Triangle’s core operations and the newly independent Tetragon, with Todd set to lead the IPO of the spinout entity. This move follows the company’s recent capital reduction by in specie distribution, which allocated nearly 20 million Tetragon shares to Triangle shareholders, effectively carving out the Philippines projects.

McGoldrick’s Background Suits New CEO Role

McGoldrick arrives with a robust legal and corporate governance pedigree, holding a Bachelor of Laws from the University of Western Australia and admission to practice in the Supreme Courts of WA and NSW. His experience spans ASX compliance, project acquisitions, and investor engagement, complemented by his current chairmanship at Australasian Metals (ASX:A8G) and part-time CEO role at Winchester Energy (ASX:WEL).

His appointment comes with a $300,000 annual salary (excluding superannuation), a 32-hour workweek, and provisions for future short- and long-term incentives yet to be detailed. The company has not specified a fixed term, allowing flexibility for both parties with six months' notice required for termination.

Todd’s New Role Anchors Tetragon’s IPO Ambitions

Conrad Todd’s shift to Non-Executive Director at Triangle coincides with his appointment as Managing Director of Tetragon Energy, effective 1 May 2026. Tetragon is positioned to capitalise on the Philippine Petroleum Service Contracts spun out from Triangle’s portfolio, pursuing capital to advance exploration and development through its upcoming IPO. This strategic realignment allows Todd to focus on unlocking value in the Asian assets, distinct from Triangle’s Australian and UK interests.

Triangle maintains a 78.75% stake in the Cliff Head Oil Field, currently being divested, alongside interests in the Perth Basin and UK licenses. The company’s broader strategy includes assessing acquisition opportunities to expand its asset base, as it navigates the post-spinout landscape.

The leadership changes come at a pivotal moment for Triangle, following its recent joint funding with Tetragon and Winchester for an Indonesian exploration study, underscoring a concerted push into Southeast Asia’s resource potential.