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Triangle Energy (Global) Limited ( (AU:TEG) ) just unveiled an announcement.
Triangle Energy plans to spin out its wholly owned subsidiary Tetragon Energy, which holds Philippine Petroleum Service Contracts SC-80, SC-81 and SC-82, into a separate ASX-listed vehicle. The assets include a 37.5% interest in offshore Sulu Sea permits with existing gas and condensate discoveries and 100% of an onshore Cagayan Basin permit near Manila.
The company will seed Tetragon with $1.5 million and distribute Tetragon shares in specie to Triangle shareholders, while Tetragon seeks at least $4 million via an IPO at $0.20 per share, subject to ASX approval. The board says the transaction will create a dedicated Asian-focused explorer, improve strategic flexibility and market valuation of the Philippine portfolio, and allow Triangle to concentrate on its Australian and UK operations while shareholders retain direct exposure to the Philippines growth story.
The most recent analyst rating on (AU:TEG) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Triangle Energy (Global) Limited stock, see the AU:TEG Stock Forecast page.
More about Triangle Energy (Global) Limited
Triangle Energy (Global) Limited is an Australia-based oil and gas company with assets in Western Australia and the United Kingdom. Through its subsidiary Tetragon Energy, it is also active in upstream exploration and development in the Philippines, targeting gas and condensate resources in both offshore and onshore basins with an Asian growth focus.
Technical Sentiment Signal: Sell
Current Market Cap: A$5.56M
See more insights into TEG stock on TipRanks’ Stock Analysis page.