TRIANGLE ENERGY (GLOBAL) LIMITED — Capital/Financing Update 2018

Jan 23, 2018

==> picture [561 x 71] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
----- End of picture text -----

==> picture [561 x 72] intentionally omitted <==

----- Start of picture text -----

24 January 2018
ASX:TEG
----- End of picture text -----

Amendment to Convertible Loan Agreement with Tamarind Resources

Triangle Energy (Global) Limited ( Triangle the Company ) refers to previous announcements regarding the Convertible Loan Agreement ( Loan ) with Tamarind Classic Resources Private Limited ( Tamarind ) and advises that it has entered into an Amendment Deed ( Deed ) providing Triangle with additional access to funding.

The Deed provides additional terms to the original Loan and is providing the Company with a further advance loan of USD 2,259,071.29 to be repaid in full by 30 June 2018. These funds are to be utilised towards the Company’s capital investment and general working capital.

As reported in December 2017, the Company recently committed to the replacement of a Water Injection Pipeline at the onshore Arrowsmith Stabilisation Plant. The Company and Tamarind consider this a significant investment to be best funded by debt. Given the Company’s production profile in a USD 60/bbl environment, and operating crude lifting costs circa USD 29/bbl, the parties have amended the Loan.

Key terms of the Loan are as follows:

==> picture [481 x 307] intentionally omitted <==

----- Start of picture text -----

Lender Tamarind Classic Resources Private Limited
Convertible Loan USD 775,975.61 (USD 439,024.39 has previously been converted to
ordinary shares in Triangle)
Further Advance Loan USD 2,259,071.29
Facility Fee USD 120,000
Convertible Loan Term Expiry 31 March 2018
Further Advance Loan Term Expiry 30 June 2018
Interest 10% per annum payable quarterly in advance
Conversion of Loan The Lender may convert the remaining USD 775,975.61, in whole or in part,
into ordinary shares at any time prior to 31 March 2018.
The price for conversion shall be AUD 0.04 per share.
Security The Facility is to be secured by a charge over all assets of the Borrower.
Options Issue Convertible Loan - the grant of 6,000,000 unlisted options at an exercise
price of AUD 0.06 expiring 29 March 2019 (already issued).
Further Advance - the grant of a further 11,155,908 unlisted options at an
exercise price of AUD 0.15 expiring 19 January 2020.
----- End of picture text -----

triangleenergy.com.au

Triangle Energy (Global) Limited ABN 52 110 411 428 Unit 7/589 Stirling Hwy Cottesloe WA 6011 PO Box 51 West Perth WA 6905 Australia T +61 8 9286 8300 F +61 8 9385 5184

==> picture [119 x 73] intentionally omitted <==

An Appendix 3B and Cleansing Notice in relation to the options will be released in due course when securities are allotted.

ENDS

For further information:

Rob Towner Managing Director +61 414 594 868 Darren Bromley Executive Director / CFO +61 419 940 587 admin@triangleenergy.com.au | www.triangleenergy.com.au

Media enquiries:

Margie Livingston, Ignite Communications, +61 438 661 131

About Triangle Energy (Global) Ltd

Triangle Energy (Global) Ltd is an ASX listed (ASX: TEG) oil and gas producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant located in the Perth Basin, and a 30% share of the Xanadu-1 Joint Venture in the Perth Basin. Triangle also has a substantial equity interest in State Gas Limited, a company with a 60% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.

triangleenergy.com.au

Triangle Energy (Global) Limited ABN 52 110 411 428 Unit 7/589 Stirling Hwy Cottesloe WA 6011 PO Box 51 West Perth WA 6905 Australia T +61 8 9286 8300 F +61 8 9385 5184