Ann: Triangle Monetises State Gas Shares, page-60

TEG needs to move forward with L7/EP437.

CH is keeping TEG afloat for now but its not generating enough $$ to support exploration and its only got a limited shelf life. CCS timeframe is an unknown.

TEG clearly has the view it needs a decent amount of money to progress L7/EP437 and it needs it now.

So its choices are what, capital raising, early farmout of L7/EP437 or cash in half its GAS shares. Of the 3 selling GAS shares probably hurts the least.

50% of TEG's GAS holding has been sacrificed to allow TEG "provide forward funding through to L7/EP 437 drilling decisions." TEG are backing their understanding of their major project.

Lot of heat today about how bad the GAS deal was. Very little about the potential that can now be unlocked with the additional funds for our major project.

GO GAS (we still have 10%)
GO TEG