Triangle Energy agrees to updated settlement with Pilot for Cliff Head JV

Proactive - Interviews for investors

Triangle Energy (Global) Ltd (ASX:TEG) managing director Conrad Todd joins Proactive’s Tylah Tully to discuss the company’s agreement of a revised settlement timeframe for the sale of the Arrowsmith land and facilities to Pilot Energy Ltd (ASX:PGY) as part of the Cliff Head Joint Venture (CHJV) Sale and Purchase (S&P) Deed. On the eleventh of this month, both companies agreed to extend the schedule for the first stage of the transaction, allowing additional time to finalise the transfer. Under the updated agreement, Pilot Energy will make staged payments totalling $6.5 million to Triangle. This includes $4.5 million for Arrowsmith, with $400,000 due on October 18, 2024, and $4.1 million plus interest on November 29, 2024, increasing to $5 million if delayed further. Additionally, $2 million will be reimbursed for operating costs on October 18. Further payments are set to follow, including $4 million upon the issuance of a Greenhouse Gas Injection Licence and up to $7.5 million in carbon storage royalties. Pilot Energy will also assume full operational costs for Cliff Head starting October 15, 2024. Triangle expects these payments to support its financial position for future projects, including the Becos well. #ProactiveInvestors #TriangleEnergy #ASX #PilotEnergy #CliffHeadJV #ArrowsmithSale #SettlementTimeline #CHJV #OilAndGas #ASX #EnergySector #JointVenture #GreenhouseGasLicence #CarbonStorage #EnergyProjects #BecosWell #EnergyTransition #RoyaltyPayments #NOPTA #EnergyNews #FinancialUpdate #OperationalCosts #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews