Pilot Energy Limited (ASX: PGY) has successfully renegotiated terms with Triangle Energy (ASX: TEG) to acquire full ownership of the Cliff Head Oil Joint Venture and its assets. This agreement paves the way for a structured acquisition, initially transferring WA State-based assets, including the Arrowsmith freehold land and infrastructure, while awaiting National Offshore Petroleum Titles Administrator approval for offshore assets.
Under the revised terms, Pilot will acquire the WA assets through a vendor financing arrangement. It will issue a secured note of AU$5.563 million to Triangle, maturing by 30 September 2026, with a 10% interest rate from 30 June 2025. A one-time payment of AU$167,000 will be made in August 2025 for deferred interest. This acquisition strengthens Pilot’s position to advance the Cliff Head Carbon Storage Project, a key Mid-West Clean Energy Project element. Additionally, the deal provides flexibility for joint venture partnerships and supports the Commonwealth-funded carbon capture and water processing pilot project with Capture 6.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
