New Asian oil & gas explorer emerges from Triangle Energy’s spin out move

March 17, 2026, by Melisa Cavcic

Western Australia-headquartered and ASX-listed oil producer and explorer Triangle Energy has decided to restructure its portfolio by carving out its assets in the Philippines to give birth to a new Asia-focussed oil and gas explorer through the proposed new ASX-listed Tetragon Energy.

Triangle on the lookout for interim CEO as current one steps down — Illustration; Triangle Energy

Triangle Energy intends to spin out its wholly-owned subsidiary, Tetragon Energy, which holds the interests in multiple petroleum service contracts (PSCs), including: SC-80 and SC-81 in the Sulu Sea and SC-82 in the Cagayan Basin, onshore Luzon Island, the Philippines.

The Australian firm will contribute $1.5 million of seed capital and its shareholders will receive an in-specie distribution of Tetragon shares as part of the spin-out. Once this is done, subject to ASX approval, the company claims that Tetragon will undertake an initial public offering (IPO) under a prospectus to raise a further minimum of $4 million at an issue price of $0.20 per share.

Upon completion of the IPO, the new player will apply for admission to the ASX as a standalone company, providing Triangle shareholders with exposure to the well-funded spin-out, which will initially be focused exclusively on the advancement and development of the assets in the Philippines.

Conrad Todd, Triangle’s Managing Director, commented: “The proposed transaction will establish Tetragon as a stand-alone, Asian focused entity initially holding three permits in the Philippines with its own capital structure, investor base and dedicated management team, while allowing Triangle’s shareholders to retain direct exposure to the Philippines assets and future growth. Tetragon will also seek further Asian oil and gas opportunities.”

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Triangle’s board has determined that establishing Tetragon as a standalone entity will provide a dedicated management and capital structure aligned to the latter’s specific asset base and development strategy; enhance strategic flexibility for both companies; enable clearer market valuation of the spin-out’s portfolio; and allow both firms to concentrate capital and operational resources on their principal business activities.

The proposed spin-out is subject to the approval of Triangle shareholders at an extraordinary general meeting (EGM). Powerhouse Ventures has been appointed as lead manager to the IPO through its subsidiary, Powerhouse Advisory Australia, and its funds management division will be a cornerstone investor, with Salient Corporate acting as financial adviser to Tetragon.

Triangle Energy has a 78.75% interest in the Cliff Head oil field, which is in the process of being divested, and a 50% share of the L7 production license and the adjacent EP 437 exploration license in the Perth Basin.

The firm also owns assets in the UK, including a 50% stake in the P2628 license, comprising four blocks containing the Cragganmore gas field, and a 50% interest in license P2650, encompassing nine blocks in the Outer Moray Firth.