Triangle Energy Secures Three Philippines Permits, Holds $6.9M Cash, JV Partners Exit Australia

New Permits in the Philippines Signal Growth

Triangle Energy (Global) Limited has made a significant leap in its Southeast Asian exploration strategy by securing three new service contracts in the Philippines. The company now holds a 100% interest and operatorship in the onshore SC-82 permit on Luzon Island, which includes the Nassiping-2 gas discovery. This discovery, dormant since its initial drilling in 1984, has been re-evaluated with promising potential for commercial gas flow, positioning Triangle to focus on appraisal drilling and seismic data reprocessing.

Offshore, Triangle operates joint ventures with a 37.5% stake in the SC-80 and SC-81 permits in the Sulu Sea. These blocks contain the Palendag-1 and Dabakan-1 gas discoveries, with combined contingent resources of 470 billion cubic feet of gas and 5 million barrels of condensate. The company is advancing seismic reprocessing efforts to better define the large Halcon prospect nearby, which could further enhance the resource base.

Australian JV Dynamics and Exploration Prospects

Back home in Australia, Triangle faces a pivotal moment as its joint venture partners Strike Energy and Echelon Resources have submitted withdrawal notices from the L7 and EP 437 permits in the Perth Basin. Triangle, currently holding 50% and operating these permits, is reviewing its contractual position and the implications for ongoing exploration. The company remains optimistic about the prospectivity of the MH-28 target within L7, which offers potential oil and gas resources, and is preparing for future drilling campaigns.

Cliff Head Asset Sale and Carbon Capture Transition

In a strategic move, Triangle has finalized the sale of its onshore Cliff Head assets to Pilot Energy. The transaction includes a $5.6 million secured promissory note due in September 2026, bearing 10% interest, with security interests over Pilot’s assets. Pilot Energy is now responsible for all ongoing costs as the Cliff Head site transitions towards a carbon capture and storage (CCS) project. Additional payments linked to the CCS project’s progress and royalties are anticipated, reflecting Triangle’s continued exposure to the asset’s future value.

UK Licenses on Hold Amid Regulatory Uncertainty

Triangle’s UK interests, comprising 50% stakes in licenses P2628 and P2650, remain in care and maintenance. The Cragganmore gas field within P2628 has seen an upward revision in contingent resources to 683 billion cubic feet of gas, but development is deferred pending improved political and regulatory conditions. Recent emission guidelines offer some hope for advancing projects like Cragganmore, but Triangle is awaiting clearer signals before committing further capital.

Financial Position and Corporate Governance

Triangle ended the quarter with a solid cash balance of $6.9 million and no production expenditure, thanks to Pilot Energy covering operating costs at Cliff Head. Exploration and evaluation spending was $287,000, primarily on drilling activities. The company maintains a strong focus on environmental and social governance, with comprehensive risk registers and safety records underscoring its commitment to responsible operations. Executive remuneration and shareholder engagement remain structured to support long-term value creation.