Triangle Energy's revised deal with Pilot Energy

Triangle Energy (Global) Ltd (ASX:TEG) has renegotiated its agreement with Pilot Energy for the sale of its interest in the Cliff Head project. The updated terms include a payment schedule from Pilot Energy to Triangle Energy amounting to $5.75 million, plus potential additional payments.

Key takeaways and future outlook

Triangle Energy has signed a new binding term sheet with Pilot Energy, altering the previous sale agreement for its interest in the Cliff Head project. The updated agreement includes a total of $5.75 million in payments, an additional $4 million upon securing an injection license, and up to $7.5 million in royalties. This change comes after Pilot Energy missed an earlier payment deadline. Triangle Energy is focused on strategic asset management and financial preparedness for future explorations, underscoring their commitment to maintaining a robust asset portfolio and readiness for upcoming projects.

Executive insights on the revised agreement

We are confident that the revised timeline will allow Pilot Energy the opportunity to secure the necessary financing. Triangle is financially prepared for its obligations related to the upcoming Becos Perth Basin exploration well.