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Do the Math - Episode 2, page-2

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itsagas

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17/10/22

14:11

Post #: 64236058
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Originally posted by TheWiggles: ↑

For those simple folks out there.

When you read the Triangle Oil quarterly report and look at the cashflow you must remember that they are only reporting on the 57.5% equity that TEG hold in Cliff Head. The other 21,25% they hold in a partnership with Pilot and they don't have to report this.

SO the June numbers are easy. Look at the costs and you'll see it costs $4.5 to $5 mill per quarter to keep the lights on and pay all the people. With total production at 508 bpd only 292 bpd (57.5%) goes to Triangle and is reported in the cashflow. Simple maths says they need to net between A$170 to A$190 per barrel to break even.

What you are seeing in the cashflow is the story for 57.5% share of Cliff Head.

If it makes money then the other 21.25% that they own makes the same money prorata. If it doesn't then - more losses.

So cut through the hype and look at the numbers and facts. Capital raises, share sales etc why if it make money?.

The truth is that every day Cliff Head operates it looses money at production around 500 bpd. They said they were trying to get more production by repairing one of the wells but that still hasn't happened.

The nail in Triangles coffin will be if the regulator doesn't approve the Carbon Capture rebranding of Cliff Head. Would you gamble your money on this? There are infinite reasons not to

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TheWiggles
Thanks for your informative post
You hold no shares in Teg
So I’m sceptical about your agenda
Im sure Altor a Boutique Fund out of Queensland would have done the math before sacking the old board.
Ive heard Altor are very astute in their investing and further more are invested in Pilot as well…join the dots..$$
in conclusion
”For those simple folk out there” you must be one of them.

TEG Price at posting: 1.3¢ Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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