Pilot Energy Limited (AU:PGY) has released an update.
Triangle Energy (Global) Ltd has received Federal approval for its Cliff Head Carbon Capture and Storage (CCS) project, leading to a strategic divestment to Pilot Energy for up to $15 million in staged payments and royalties. This move allows Triangle to concentrate on drilling upcoming wells in the Perth Basin and streamlines its portfolio by offloading associated liabilities. The transaction, which marks a significant progress for the company, also includes a continued operational role until its completion.
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