TRIANGLE ENERGY (GLOBAL) LIMITED — AGM Information 2017

Nov 27, 2017

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Oil Production in the Perth Basin

CORPORATE PRESENTATION AGM Presentation 28 November 2017

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CLEARLY DEFINED GROWTH STRATEGY
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▪ Australian based focus for future growth in oil and gas sector

▪ Majority interest (78.75%) in Cliff Head Oil Field with strong, predictable cash flows

▪ Offshore and onshore infrastructure essential for any exploration success in the region. Infrastructure has capacity to service third party crude

▪ Production upside at Cliff Head with development and workover programs

▪ Cost reduction strategy

▪ 30% interest in TP/15 Xanadu-1 oil discovery

▪ 35.47% equity stake in State Gas Ltd (PL231) Queensland

Triangle is the only oil producer and a lead player in the highly prospective under explored Perth Basin

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CORPORATE SNAPSHOT
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Operating Metrics

Capital Structure and Key Metrics

	Daily Production	1,166 bopd (YTD average) (78.75% TEG 918 bopd)
	Net Reserves5	2P Reserves - 2.7 MMstb

ASX Code	TEG	Daily Production	1,166 bopd (YTD average) (78.75% TEG 918 bopd)	1,166 bopd (YTD average) (78.75% TEG 918 bopd)
Shares on issue1	192.4 million
		Net Reserves5	2P Reserves - 2.7 MMstb
Unlisted options on issue	6 million exc @ 0.06, exp 29 March 2019
		Substantial Shareholders as at 28 Nov
Share price1	$0.14
Market Capitalisation1	$26.9 million	Shareholder	No of Shares	% 8.98% 7.68% 6.33% 561%
		T7 Berhad	16,475,965
Cash2	$1.96 million_(at 30 September 2017)_
		HSBC Custody Nom (Aust) Ltd	14,097,702
Attributable Cashflow (78.75%)3	$18.7 million(USD 48.93/bbl, USD/AUD 0.7894)
Debt4	USD 1.174m(Tamarind)	Mr Robert Towner	12,172,686
		Mr Darren Bromle	10786273
		y	,,
		Ucan Nominees Pty Ltd	10,031,553

	Shareholder T7 Berhad	No of Shares 16,475,965	% 8.98%
	HSBC Custody Nom (Aust) Ltd	14,097,702	7.68%
	Mr Robert Towner	12,172,686	6.33%
	Mr Darren Bromley	10,786,273	5.61%
	Ucan Nominees Pty	10,031,553	5.47%
	Ltd

Board

Edward Farrell Non-Executive Chairman Robert Towner Managing Director

Darren Bromley Executive Director/CFO

Notes:

1. As at 28 November 2017. Undiluted market capitalisation.

2. Cash position at 30 September 2017. Cash includes $1.36m in Triangle Group and $0.602m in Triangle Energy (Operations) Pty Ltd. Additionally $1.2m is held in trust pending SKK Migas change of control approval from the sale of TEG’s Pase PSC interest in February 2016.

3. Based on September quarter average production, USD 48.93 barrel (Sept quarter average) and USD/AUD Exchange Rate of 0.7894 (Sept quarter average)

1. Loan USD 398k, Convertible Loan USD 776 convertible at AUD $0.04)

2. Reserves as at 1 January 2016 per ROC Oil year end 2015 reserves review. Since this date net production has been 0.5MMstb. The Company is not aware of any new information or data that materially effects the estimates and believes that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

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TEG SHARE PRICE PERFORMANCE
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January 2017 - November 2017

$0.25 6,000,000 Oil discovery confirmed at Xanadu -1 State Gas 5,000,000 $0.20 Xanadu – 1 Limited makes ASX debut spuds 4,000,000 $0.15 3,000,000 $0.10 Operational control 2,000,000 of Roc Oil Limited $0.05 1,000,000 $0.00 0

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Share Price

Volume

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CLIFF HEAD OIL FIELD
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Building a strong presence in the Perth Basin

• Triangle 78.75% interest and Operator; Royal 21.25%

• Located in Perth Basin ~ 300km north of Perth, 10km offshore in 15-20 m of water

• Predictable, strong production rates and cash flow

• Operator of onshore & offshore Infrastructure - essential for any exploration success in the region

• Only operational onshore processing plant in Perth Basin with capacity to service third party crude

• Only offshore platform in Perth Basin

• Production 1166 bopd (YTD average)

• Production upside – workover programs

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Arrowsmith Stabilisation Plant

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CLIFF HEAD OIL FIELD - LOCATION
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▪ Two x 14km pipelines CHA to ASP

▪ Water depth of 15-20 metres

• Underexplored Perth Basin

• 300km north of Perth, WA.

• 40km south of Dongara

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COST REDUCTION STRATEGY
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Significant savings achieved

▪ Routine operating costs significantly reduced

• Further cost rationalisation strategies

▪ Operational efficiencies

▪ Competitive environment

	Sept 2017 Quarter (78.75% of JV)	AUD/ Bbl	USD/ Bbl
Sales	$4.679M	$61.98	$48.93
Routine Operating Costs	$2.537M	$33.60	$26.52
Non-Routine Operating Costs	$0.931M	$12.33	$9.73
Total Production Costs	$3.468M	$45.94	$36.27

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1. Based on USD 48.93 barrel (Sept quarter average) and USD/AUD Exchange Rate of 0.7894 2. Figures based on 78.57% of JV. TEG only consolidates 57.5% into the Company Group and the 21.25% interest in Triangle Energy (Operations) Pty Ltd is equity accounted

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CLIFF HEAD – PRODUCTION UPSIDE
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Workover Program

• Preparing work program and budgets

• Targeting doubling production

• 9 slots, 5 production wells, 3 water injection wells

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Development opportunities

Cliff Head Alpha Platform

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XANADU-1 JV
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Oil Discovery

• 30% participating interest

• Cost to drill AUD$7.0m (Triangle ~AUD$2.8m)

• Conventional oil play, 3 zones encounted

• Discovery notice lodged with the Department of Mines, Industry Regulation and Safety

• Oil discovery structurally similar to Cliff Head

• Ability to process oil at Triangle’s Arrowsmith processing facility

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Xanadu-1 Drilling

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XANADU-1 JV – STRUCTURAL COMPARISON
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* Refer NWE announcement 29 October 2014
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XANADU-1 / ARROWSMITH PROXIMITY
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Arrowsmith Production Facility Cliff Head Oil Field Xanadu 1

Drilling onshore to offshore

Proximity to ASP

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STATE GAS LIMITED (PL 231)
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• Triangle holds largest stake in State Gas with 35.47% equity interest worth ~$20.56 million at 28 November 2017

• Queensland conventional gas appraisal asset with multiple hydrocarbon bearing horizons in Bowen Basin

• 60% interest in PL231(Reids Dome)

• State Gas market capitalisation $58 million at 28 November 2017

• Activities include:

• Appraise shallow Cattle Creek reservoir (130m depth)

• Pipeline to market (PSL submitted)

• Test the deeper Reids Dome beds

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Primero-1 Wellhead in PL 231

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STATE GAS LIMITED (PL 231)
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Image 1 : Flaring of Aldinga East-1 drilled in November 1993

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Image 2 : PL231 May 2017

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Map : PL231 regional map

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KEY CATALYSTS & SUMMARY
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• ✓ Majority 78.75% interest and Operator of Cliff Head

• ✓ Production upside with workovers and cost reductions

• ✓ Cliff Head Platform and the Arrowsmith Stabilisation Plant are the only offshore and onshore infrastructure operating in the Perth Basin

• ✓ ASP has the capacity to service third party crude

• ✓ Oil discovery at Xanadu-1 well in September 2017

• ✓ 35.47% equity interest in State Gas Ltd

• ✓ Leveraged to oil and gas price with diversification

• ✓ Management and operating team with onshore and offshore expertise

• ✓ Significantly undervalued compared to Peers

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Arrowsmith Stabilisation Plant

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Cliff Head Alpha Platform

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Triangle Energy Limited (ASX:TEG) Unit 7 589 Stirling Highway Cottesloe WA 6911 Australia

E: info@triangleenergy.com.au

T: +61 8 9286 8300 | F: +61 8 9385 5184 | W: www.triangleenergy.com.au

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DISCLAIMER AND FORWARD LOOKING
STATEMENTS
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• This Presentation is provided on the basis that Triangle Energy (Global) Limited (“Triangle” or the “Company”) nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

• All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

• Certain statements in this presentation contain ‘forward-looking statements’ including, without limitation to: expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and accordingly, involve estimates, assumptions, risks and uncertainties and other factors discussed in our most recently lodged Annual Report, our website, http://www.triangleenergy.com.au/, and in our other public documents and press releases. These forward-looking statements are based on Triangle’s current expectations, estimates and projections about the company, its industry, its management’s beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, Triangle’s ability to meet its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance and to achieve its production and budget expectations on its projects.

• Whenever possible, these ‘forward-looking statements’ are identified by words such as “expects,” “believes,” “anticipates,” “projects,” and similar phrases. Because such statements involve risks and uncertainties, Triangle’s actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that Triangle lodges periodically with the Australian Securities Exchange.

• NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Jim Tarlton of Tamarind Management. Mr Tarlton is an Oil & Gas Engineer with over 30 years experience in the sector. He is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA), and holds a BA Science (Honours) in Chemical Engineering from Queen’s University, Canada. He consents to that information in the form and context in which it appears.

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