TEG - Triangle Energy Limited today closed up 15% to finish at...

TEG - Triangle Energy Limited today closed up 15% to finish at 4.6c on 30k stock traded. There is no news in the market today but they did announce something late on Friday afternoon probably while most of you were at the pub getting pissed unlike me !!!
They announced on Friday that they were increasing their stake in the Cliff Head oil field which I wrote about last week.
Not massive in the way of volume but as mentioned previously it's a pretty tightly held stock and when that is the case it doesn't take much to move them.
Highlights from Friday's news are listed below and remember if you are ever in the Margaret River Region go and visit Rob the MD of TEG's winery and tell them The rat send you for a seriously big discount !!!
Triangle to increase stake in Cliff Head Oil Field to 78.75% and take Operational Control
HIGHLIGHTS

• Triangle has jointly (50/50) executed a Share Purchase Agreement in partnership with Royal Energy Pty Ltd (“Royal”) to acquire the 42.5% balance of the Cliff Head Oil Field from ROC Oil Company Limited (“ROC”)
• On completion of the transaction Triangle will hold a majority 78.75% stake in the Cliff Head Oil Field
• Headline consideration is US$3,750,000 (US$1,875,000 by Triangle) and a deposit of US$200,000 has been paid by Triangle and Royal (“the Partners”)
• Triangle’s acquisition costs will be funded via a Convertible Loan Agreement with Tamarind Classic Resources Limited (“Tamarind”) and existing Triangle cash
• Current production at Cliff Head 1,300 bopd (>1,000 bopd 78.75% net to Triangle)
• Cash flow positive and significant leverage with current oil prices
• Continued near-term focus on cost and operational efficiency
• Expected field life of 10 years with opportunities to extend through numerous exploration and extension projects
• Potential to grow oil production via improved and enhanced recovery opportunities
• Appraisal and exploration upside with Mentelle-1 (previous oil discovery) and West High area within the production license
• Effective date of the transaction is 1st January 2017. Cash benefit to the Partners during the period to 31 March 2017 totals AU$1.15 million
• Tamarind, Operator of the Tui Oil Field in New Zealand, to be appointed Operator on behalf of the Partners on completion of the transaction

6 c tomorrow