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Triangle Energy (Global) Limited ( (AU:TEG) ) has shared an update.
Triangle Energy announced that it has not received the second payment due from Pilot Energy for the sale of its interest in the Cliff Head project. Despite this, Pilot Energy has continued to fund the project’s joint venture costs, which aligns with their obligations under the Sale and Purchase Deed. The announcement highlights Pilot Energy’s ongoing capital raise efforts and their suspension from trading as they negotiate a capitalisation package, with Triangle Energy awaiting further developments.
More about Triangle Energy (Global) Limited
Triangle Energy (Global) Ltd is an ASX-listed oil producer and explorer based in Perth, Western Australia. The company holds a 78.75% interest in the Cliff Head Oil Field, including the Arrowsmith Stabilisation Plant, and shares interests in various production and exploration licenses in the Perth Basin and the UK.
Technical Sentiment Consensus Rating: Buy
Current Market Cap: A$10.45M
For a thorough assessment of TEG stock, go to TipRanks’ Stock Analysis page.
