Triangle Energy (Global) Limited (ASX:TEG) Announces Cliff Head Sale Update
Payment Issues
Triangle Energy (ASX:TEG) has not received the first payment of $900,000 under the binding term sheet with Pilot Energy (ASX:PGY) related to the sale of Triangle’s interest in the Cliff Head project. This payment now constitutes a debt requiring urgent resolution. Triangle Energy reserves its rights regarding the agreement.
Future Payment Schedule
The remaining payment of $4.85 million is scheduled in five monthly instalments starting from February 15, 2025, and concluding on June 15, 2025. Additionally, further payments include $4 million contingent on receiving an injection license and up to $7.5 million in royalties.
Executive Comments
Conrad Todd, Managing Director of Triangle Energy, expressed disappointment over the missed payment, stating, “We are disappointed to announce that Pilot failed to meet the first payment deadline for the updated Sale and Purchase agreement for the Cliff Head and Arrowsmith Facilities.”
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