Triangle Energy (Global) Ltd continues to work with Key Petroleum Ltd (ASX:KEY) to complete the necessary regulatory requirements for the transfer of Key’s interests in L7 and EP 437 to TEG.
The ASX-lister previously entered into a sale and purchase agreement and royalty deed with Key Petroleum to acquire its 50% participating interest in production licence L7(R1) and Key Petroleum and Key Midwest Pty Ltd’s combined 86.94% interest in Exploration Permit EP 437.
Both companies are continuing to complete these regulatory requirements and have agreed to further extend the proposed cut-off date for the agreement to January 31, 2022.
Notably, Triangle has agreed to make a further non-refundable pre-payment of part of the already reported completion payment, of A$100,000.
About Triangle
Triangle Energy is an oil producer and explorer that has a majority interest in and is the operator of the producing Cliff Head Oil Field offshore Perth Basin and which includes the Arrowsmith Stabilisation Plant.
The company also has a 50% share of the Mt Horner L7 production licence and a 45% equity interest in the Xanadu-1 joint venture, both in the Perth Basin.
Additionally, Triangle has a substantial equity interest in State Gas Ltd (ASX:GAS), which has a 100% operating interest in the Reids Dome production licence (PL 231) in Queensland.