Ann: Triangle Sells Cliff Head to Pilot Energy, page-30

Hi @AM27

I threw some basic numbers together. It is a great deal for us as well as potentially Pilot.

This to me is another classic move by CT and TEG. @egosbar made another thread with regard to the management team at TEG and this announcement is a great example. The TEG team are downside focussed, opportunity focused and results driven. If you look at the 3 biggest moves they have made since coming in board.

1. Port of Geraldton route- after losing Kwinana for the second time TEG was on a fast path to nowhere, producing a product they had no offtake for. They were on the edge. CT and the team established, proved and have successfully run an export route via Geraldton. It has had 2 major positives, keeping Cliffhead producing and delaying decomm. and also providing some cahflow to TEG.

2. Sale of GAS shares- heavily criticized at the time the sale of GAS shares gave us the cash to move forward with direct projects. GAS shares could have gone either way at the time but they moved down which made the move even better.

3. Farm out of L7/EP437- after settling the sale of Key's 50% interest in L7/EP437 for $1.1m (Sept 22) TEG then farmed that interest back out NZO and TPD for $20m (Dec./Jan.)

IMO the exit from the CCS transaction could well be move number 4.