If you start from the position that Cliff Head continues and...

If you start from the position that Cliff Head continues and will contue to lose money and the Carbon capture project will not be approved by the regulator then the future is not good no matter how you look at L7 and EP437. You have to understand that the manoeverings around CCS and Cliff Head are just noise to try and delay (get out of) the abandonment. Given the issues around the Northern Endeavour I cannot see the regulator agreeing to effectively let the oil industry off their environmental (abandonment) obligations. That's why that recent deal with Pilot doesn't take effect unless the regulator agrees, Pilot doesn't want to have more exposure to abandonment.

The infield drilling to upgrade production has been on the quarterly for years now and they have no way of funding this work. Noone will join them for this because the abandonment hangover is too large for the extra production they would get assuming its a success. That is why nothing is happening at Cliff Head except talk of wind, carbon, smoke and mirror on production. It costs too much to shut it down and make it safe and then you have to abandon - best to just keep it going. The Sept quarterly will show the true nature of the problem. Quickly Triangle (within 6 months is my estimate) will need to raise more cash or sell off GAS.

Forgetting the above (or keeping it in mind) the management need to rebadge the company and the Perth Basin stuff might help. L7 and EP437 have promise but remeber they were always sold as small oil and the lack of a refinery now makes them not very valuable. They now have to play the gas card and hope there is a story similar to Strike and others in the basin. There is now plenty of gas in the basin and nothing to do with it (other than a very long term and doubtful Project Harber (Strike). Triangle shareholders have considerable exposure to downside before and real upside is reconized.