tiprankstipranks
Trending News
More News >

Triangle Energy Faces Payment Delays in Cliff Head Sale

Story Highlights
Triangle Energy Faces Payment Delays in Cliff Head Sale

The latest announcement is out from Triangle Energy (Global) Limited ( (AU:TEG) ).

Triangle Energy has announced that it has not received the third payment of $985,171 from Pilot Energy as part of the revised Sale and Purchase Deed for the Cliff Head project. This brings the total debt owed to Triangle to $2,846,122. The company is in discussions with Pilot Energy to resolve the payment issue and settle the transaction, maintaining its rights under the agreement.

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, which includes the Arrowsmith Stabilisation Plant. Additionally, Triangle has a 50% share in the L7 production licence and the adjacent EP 437 exploration licence in the Perth Basin, as well as a 50% interest in UK licences P2628 and P2650, which cover the Cragganmore gas field and blocks in the Outer Moray Firth, respectively. The company is actively seeking to expand its asset portfolio.

Technical Sentiment Consensus Rating: Buy

Current Market Cap: A$8.36M

For a thorough assessment of TEG stock, go to TipRanks’ Stock Analysis page.

Disclaimer & DisclosureReport an Issue

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App