Triangle Energy (Global) Ltd (ASX:TEG) MD Conrad Todd tells Proactive the company is selling the remainder of the Cliff Head Joint Venture (CHJV) encompassing the proposed Cliff Head Carbon Capture and Storage Project (CH CCS Project) to Pilot Energy (ASX:PGY) Ltd.
Todd says as a result of this deal, Triangles improved balance sheet will allow it to focus on existing and new projects including the upcoming Perth Basin drilling program.
We are pleased to have revised the sale and purchase agreement with Pilot, which leaves Triangle Energy Global to pursue its aim to become a mid-cap oil and gas company that offers growth through a combination of domestic and international conventional petroleum production and exploration projects.
In the interim period between signature and consummation of the agreement, Triangle will continue to support the operation of the Cliff Head oil field and Pilots efforts to secure the transition to carbon sequestration, Todd said.
"As a result of this deal, Triangles improved balance sheet will allow it to focus on existing and new projects including the upcoming Perth Basin drilling program.
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