Triangle Energy’s CCS approval brings $15M deal, new focus on Perth Basin

Proactive - Interviews for investors

Triangle Energy (Global) Ltd (ASX:TEG) CEO Conrad Todd joins Proactive’s Elisha Newell to discuss a pivotal carbon capture and storage approval for its Cliff Head Project in WA’s Perth Basin. This morning, TEG announced that its oilfield joint venture with Pilot Energy (ASX:PGY) has received the Commonwealth green light for its declaration of greenhouse gas storage formation (DoSF). This approval, granted by the Minister for Resources, Madeleine King, enables Triangle to receive $15 million in payments from the sale of its 78.75% interest in the Cliff Head project to Pilot Energy. The approval of the Cliff Head carbon capture and storage (CCS) project, located on the WA 31-L licence area, marks a significant milestone. Following the news, Todd expressed satisfaction with the approval, highlighting that it results from extensive efforts by Triangle over the past two years to streamline its portfolio. This transaction allows Triangle to focus on its conventional oil and gas activities, particularly upcoming wells in the Perth Basin. The transfer still requires regulatory approval, during which time Triangle will continue to operate the Cliff Head field. The consideration to be paid by Pilot Energy will include $3 million in cash, $4.5 million upon issuance of a Greenhouse Gas Injection Licence by the National Offshore Petroleum Titles Administrator (NOPTA), and up to $7.5 million in royalties from the CCS project. Finally, Todd notes that the sale removes associated liabilities from its balance sheet, positioning the company to concentrate on its Booth-1 and Becos-1 wells in the Perth Basin. #ProactiveInvestors #TriangleEnergy #ASX #TEG #PilotEnergy, #CliffHead, #CCSProject, #GreenhouseGas, #Oilfield #PerthBasin, #RegulatoryApproval, #OilProduction, #CarbonSequestration, #EnergySector, #OilAndGas #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews