Triangle Energy (ASX:TEG) Revises Sale Terms for Cliff Head Assets
Revised Sale Terms
Triangle Energy (ASX:TEG) has entered into a binding term sheet with Pilot Energy (ASX:PGY) to revise the sale of its interests in the Cliff Head Joint Venture project assets in Western Australia. The completion date for the purchase is now set for September 2026, allowing Pilot Energy additional time to secure the necessary funds.
Financial Arrangement
The sale price remains approximately A$5.6 million, with total anticipated payments reaching around A$6.6 million after accruing interest. Pilot Energy will issue a secured promissory note of $5,563,000 to Triangle, maturing on 30 September 2026. Additionally, Pilot will cover all Cliff Head operating costs until the purchase is completed and make a one-off payment of $167,000 on 31 August 2025.
Executive Comments
Managing Director Conrad Todd stated, “The revised timetable is in the best interests of both companies. It provides Pilot sufficient time to secure the funds needed to complete the transactions while ensuring that Triangle ultimately receives the same price plus interest and incurs no operating costs in respect to Cliff Head. This means Triangle will still achieve its key objectives, including enabling it to focus solely on its growing conventional oil and gas exploration and development interests.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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