Triangle Energy Global: Half-year financial report

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DIRECTORS’ REPORT

The Directors presented the interim financial report of Triangle Energy (Global) Limited (the Company, Group, Consolidated Entity or TEG) for the half-year ended December 31, 2021 and the related auditor’s report:

Directors

The directors of the Company at any time during or since the end of the interim period and up to the date of this report are listed below.

Mr. Greg Hancock (Non-Executive Chairman) – appointed on February 14, 2022, Chairman on February 15, 2022 Mr. Conrad Todd (Chief Executive Officer) – appointed on February 14, 2022, Chief Executive Officer on February 15, 2022 Mr. Mike Collins (Non-Executive Director ) – appointed February 14, 2022

Mr. Timothy Monckton (Non-Executive Chairman) – resigned on February 14, 2022

Mr. Robert Towner (Managing Director) – resigned on February 8, 2022

Mr. Wai-lid Wong (non-executive director) – resigned on February 8, 2022

Mr. Malcolm King (non-executive director) – resigned on February 14, 2022

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

REVIEW OF OPERATIONS

Company presentation

Triangle is an oil production and exploration company based in Perth, Western Australia. The Company currently owns a 78.75% interest in, and is the registered operator of, the Cliff Head oilfield (WA-31-L) located in the Perth Basin.

In addition, the Company holds a 45% interest in the joint venture in the TP-15 license, which includes the Xanadu-1 oil discovery, a 50% interest in the L7(R1) production license. With an agreement to purchase the remaining 50% in L7 and 86.94% in exploration license 437, subject to completion1. All licenses are in the Perth Basin.

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

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

Cliff Head, Perth Basin, Western Australia

The Cliff Head Oilfield (cliff head) is located approximately 300 kilometers north of Perth and 12 kilometers off the Dongara coast of Western Australia in water depths of 15–20 meters. The WA-31-L production license covers 72 km² and the oil field covers 6 km². It was the first commercial oil discovery developed in the offshore Perth Basin with a development cost of A$327 million and first oil production commencing in May 2006.

Ownership/Operation

Triangle owns a 78.75% majority interest in the Cliff Head oilfield and is the registered operator.

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

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