Ann: Becos EP Granted, page-9

Great post and summary@Luvlife

The biggest issue I see moving forward is whether or not Pilot pay in October. IMO the transaction is now unconditional and, if PGY doesn't have the cash by then they will need to raise it.

In July 23 agreement the conditions precedent to completion were

1. NOPTA issuing the Declaration of a Greenhouse Gas Storage Formation (that the Cliff Head reservoir is suitable for carbon injection)
2. Pilot to obtain sufficient financial security to satisfy NOPTA and Triangle that it can assume the full abandonment liability for the Cliff Head oilfield in accordance with the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

In the end the second condition was not met. Pilot didn't pay and TEG was forced to raise. The revised deal, June 24 is that

Triangle will sell and transfer its interests in the Arrowsmith land and facilities to Pilot for cash consideration of $4.5 million, to be paid in staged payments between mid-October and 31 December 2024;

There are no conditions to the transaction, it is simply the sale of Arrowsmith land and facilities which doesn't require anything from NOPTA.

We are all underwater here and all trying to predict what will happen in the next 8 weeks. How do you read the revised transaction? Would you interpret it as unconditonal? The Pilot transaction completing before Becos would be an excellent starting point for the TEG rebuild.