Triangle Energy (Global) Ltd and Key Petroleum Ltd (ASX:KEY) have extended the cut-off date for the proposed sale and purchase agreement for Triangle to acquire a 50% interest in Production Licence L7(R1), to September 30, 2021.
This agreement also applies to Key Petroleum and Key Midwest Pty Ltd’s combined 86.94% interest in Exploration Permit EP 437.
DMIRS work continues
Since advising of the proposed acquisition in January 2021, Triangle Energy and Key Petroleum have been working to complete the necessary regulatory requirements in order that the Department of Mines, Industry Regulation and Safety (DMIRS) can effect the transfer of Key’s interests in L7 and EP 437 to Triangle.
TEG has agreed to make a non-refundable pre-payment of part of the already announced completion payment of A$200,000.
June quarter highlights
Triangle Energy has capped off a busy June quarter, ending the period with A$598,000 in the bank, an offtake deal with BP and firm commitments for a $10 million capital raise.
Its Cliff Head Oil Field joint venture crude sales revenue stood at US$1.54 million at a realised oil price of US$59.75 per barrel (net).
In May 2021, it sold crude oil to BP and received payment of $1.3 million subsequent to the end of the quarter on July 1, 2021.
Further, tranche two of its placement shares will provide $8.2 million gross cash in August 2021.
During the quarter, TEG sold 25,850 barrels of crude oil, with a crude oil inventory of A$3.64 million representing 55,661 barrels of oil stored at BP Kwinana.
It produced and delivered 60,823 barrels during the quarter, with an average production during the quarter of 671 barrels of oil per day (bopd).
Production figures are lower due to scheduled routine field maintenance both onshore and offshore during May.