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Mitchdon

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31/07/24

10:32

Post #: 74998194
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Originally posted by blueballs: ↑

Apologies if this has already been posted and numbers will have changed slightly due to raise

It is pleasing to see TEG progress on its divestment of the Cliff Head asset, given the consequent removal of the ~$22 million abandonment liability and $7.5 million of contingent payments (as well as $7.5 million of royalty payments in the longer term). We await the second key approval on condition that PGY must demonstrate to the regulator that the company has sufficient finance to cover the Cliff Head abandonment liability and commence the CCUS project. Pilot announced one significant funding partner (Samsung) on 31 Oct' 2023. We anticipate this to be resolved within the next ~6 months.

Hancock's acquisition of Warrego Energy (WGO.ASX) last year put a ~$2/GJ look- through price on 2P Reserves-weighted gas in the Perth Basin. STX, the Perth Basin pure play independent, trades on a ~$1/GJ multiple (EV/2P+2C) based on its discovered gas resource portfolio (2P Reserves and 2C Contingent Resources).

We currently value Triangle's net Booth Best Estimate Prospective Resources (140 Bcf) at $35 million ($0.017/sh) based on a risked valuation through $1/GJ (~$1/Bcf) and a risking of 75% (25% valued, i.e. 25% chance of success).

If drilling is successful and, as an example, the Best Estimate 2U gas resource is discovered, the value net to Triangle could be ~$140 million ($0.067/sh), significantly above the current enterprise value (~$37 million incl. GAS.ASX holding).

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Not the best time to pump TEG when we are all just getting over the suprise CR.

TEG Price at posting: 1.6¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 0.3¢		Change -0.001(16.7%)		Mkt cap ! $5.223M

Open	High	Low	Value	Volume
0.3¢	0.3¢	0.3¢	$1.389K	535.5K

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No.	Vol.	Price($)
51	57134651	0.2¢

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Price($)	Vol.	No.
0.3¢	5939819	13

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No.	Vol.	Price($)
51	57134651	0.002
38	69292948	0.001
0	0	0.000
0	0	0.000
0	0	0.000

Price($)	Vol.	No.
0.003	5939819	13
0.004	13700734	12
0.005	8337920	5
0.006	7645676	8
0.007	3368020	6

Last trade - 14.40pm 30/07/2025 (20 minute delay)

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