Triangle Energy (ASX: $TEG) receives approval for Cliff Head CCS project

Triangle Energy Global Ltd (ASX: $TEG) has received approval from the Federal Resources Minister for the Cliff Head Carbon Capture and Storage (CCS) Declaration of Greenhouse Gas Storage Formation (DoSF). This approval paves the way for Triangle to receive $15 million in staged cash and royalties and focus on its upcoming, highly prospective wells in the Perth Basin.

Triangle Managing Director's Commentary on Approval and Future Plans

Triangle Managing Director, Conrad Todd, expressed, 'We are very pleased to have received approval from the Federal Minister for Resources for the Cliff Head CCS project. This is a major milestone for both companies and, importantly, the culmination of a significant amount of work from the Triangle team over the past two years to streamline the Company's portfolio. The decision will enable Triangle to focus on its highly prospective conventional oil and gas activities, including the upcoming wells in the Perth Basin. With the Booth-1 well expected to spud in late July, Triangle is on the verge of the most active period in the Company's recent history, and we look forward to keeping our shareholders updated throughout this exciting period. Finally, we congratulate and thank the teams at Pilot Energy, NOPTA and NOPSEMA for their efforts in achieving this outcome.'

Summary of Triangle Energy's Approval and Future Outlook

Triangle Energy (ASX: $TEG) has successfully received approval for the Cliff Head Carbon Capture and Storage (CCS) Declaration of Greenhouse Gas Storage Formation (DoSF) from the Federal Resources Minister. This approval triggers the sale of Triangle's 78.75% interest in the Cliff Head project to Pilot Energy, with staged payments of $7.5 million cash and up to $7.5 million in royalties. The company is now focused on the upcoming drilling of the Booth-1 and Becos-1 wells in the Perth Basin, as well as advancing its highly prospective international acreage. Triangle Managing Director, Conrad Todd, highlighted the significance of this approval, emphasizing the company's readiness to concentrate on its conventional oil and gas activities, including the upcoming wells in the Perth Basin. With the Booth-1 well expected to spud in late July, Triangle is poised for an active period, demonstrating its commitment to keeping shareholders informed throughout this exciting phase. The approval marks a pivotal moment for Triangle Energy, positioning it to pursue its ambitions and goals in the oil and gas sector, while also acknowledging the collaborative efforts of various teams in achieving this milestone.