News: TEG Triangle Energy (Global) Raises A$3.5 Million For Production Upgrades, page-2

So, my read of the last few weeks is this:

1. The new board is already aligned to Pilot. Some directors have a history there.
2. The new board has just agreed to hand over to Pilot a large share of its greatest asset, the infrastructure.
3. They are proposing to divest TEG's main undertaking, being the majority share of the Cliff Head Joint Venture, Cliff Head Platform, and The Arrowsmith plant. This should be put to shareholder vote. If ASX does not require this then they should do it anyway to reduce their risk of litigation.
4. They are giving away operatorship and control.
5. They have/will lose or have lost, all negotiating power in the upside.
6. They are being taken advantage of and are not sophisticated enough corporately to recognise it. Mostly because they are inexperienced in running public companies.

There are so many more points to add here.

Lastly, if anybody thinks the infrastructure abandonment liability is an issue, they don't understand the reality of the situation. Whilst the opportunity for reuse is available, there is no case for abandonment. Further, the benefits of rigs to reef is gaining all over the world and I would bet that in 50 years time, that infrastructure will become a reek.

I will be voting against this board for re-election.