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The latest update is out from Triangle Energy (Global) Limited ( (AU:TEG) ).
Triangle Energy (Global) Limited has initiated legal proceedings against Talon (L7) Pty Ltd, a subsidiary of Strike Energy Limited, for breach of contract related to the L7 permit in the Perth Basin. The dispute involves a claim for $3.84 million, representing Strike’s share of costs for a third well under the Farmout Agreement. Triangle’s decision to pursue legal action follows unsuccessful negotiations with Strike, highlighting the company’s commitment to enforcing contractual obligations and protecting its interests.
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, it has interests in the UK and the Philippines, where it operates several service contracts. Triangle Energy is focused on expanding its portfolio of assets.
Technical Sentiment Signal: Sell
Current Market Cap: A$7.7M
See more insights into TEG stock on TipRanks’ Stock Analysis page.