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Triangle Energy (Global) Limited ( (AU:TEG) ) has issued an announcement.
Pilot Energy Limited has received a Petroleum Resource Rent Tax (PRRT) refund of approximately A$3.9 million through the Cliff Head Oil Joint Venture, managed by Triangle Energy Operations Pty. Ltd. This refund relates to abandonment, decommissioning, and rehabilitation expenditures following the cessation of oil production at the Cliff Head Oil Field. The refund is part of a larger expected total of up to A$4.5 million for the financial year ending June 2025, with additional claims anticipated. The funds will support ongoing closure activities at the Cliff Head Oil Field as it transitions to a CO2 storage project, enhancing Pilot Energy’s financial position and future project funding capabilities.
More about Triangle Energy (Global) Limited
Pilot Energy Limited is a junior oil and gas exploration and production company focused on transitioning to carbon management projects, hydrogen production, and clean ammonia for export to emerging APAC Clean Energy markets. The company aims to leverage its existing oil and gas infrastructure to support these developments, including the proposed conversion of the Cliff Head Oil field into Australia’s first offshore CO2 Storage Project as part of the Mid West Clean Energy Project.
Technical Sentiment Signal: Sell
Current Market Cap: A$6.27M
See more insights into TEG stock on TipRanks’ Stock Analysis page.