Pilot Energy Limited (AU:PGY) has released an update.
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Triangle Energy Global Ltd has renegotiated the sale of its majority stake in the Cliff Head Project to Pilot Energy Limited, with a total deal value of up to $16 million plus royalties. The Cliff Head oil field will transition to a Non-Production-Phase in August 2024 as part of its conversion to a carbon storage operation. This strategic move allows Triangle to concentrate on drilling new wells in the Perth Basin, marking an exciting phase of activity for the company.
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