Ann: Triangle signs rig for Perth Basin well, page-12

This a major milestone for TEG. A little over two years ago TEG was a one trick pony with a stranded asset being the Cliffhead Oilfield. Kwinana refinery had just cancelled their offtake with TEG. TEG also only owned 50% of L7 and 13% of EP 437 and had the overhang of Cliffhead remediation. It would not have been unreasonable to see TEG drift into administration at this point.

Instead the new team at TEG developed and new export pathway via Geraldton, secured 100% of L7/EP437, successfully farmed out 50% of L7/EP437, secured an exit for TEG from CH liabilities and gained additional licenses in the UK and potentially in Asia also. Todays announcement is really a vindication of TEG's board and managements strategy.

The turnaround of TEG in a little over two years to now be at the point of drilling a potential multi-bagger in a less than three months time is a major achievement. We are in the hands of the drilling gods on Becos now but it has been two years of grind from TEG Board and Management to get us to this point.

GLTAH
Go TEG