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Triangle Energy (Global) Limited ( (AU:TEG) ) just unveiled an update.
Triangle Energy (Global) Limited has initiated legal proceedings against Acacia (L7) Pty Ltd, a subsidiary of Echelon Energy Limited, for non-performance related to a farm-in agreement for the L7 permit in the Perth Basin. The lawsuit, filed in the Supreme Court of Western Australia, claims a breach of contract and seeks $3.84 million for Echelon’s share of the third well’s cost. This legal action underscores Triangle’s commitment to enforcing contractual obligations and may impact its operational dynamics and stakeholder relationships.
More about Triangle Energy (Global) Limited
Triangle Energy (Global) Ltd is an ASX-listed oil and gas explorer based in Perth, Western Australia. The company holds a significant interest in the Cliff Head Oil Field and shares in the L7 production licence and EP 437 exploration licence in the Perth Basin. Internationally, Triangle has interests in the UK and the Philippines, where it operates several service contracts.
Technical Sentiment Signal: Sell
Current Market Cap: A$5.5M
For a thorough assessment of TEG stock, go to TipRanks’ Stock Analysis page.