Ann: Becos Well Update, page-7

Announced today 18/12/2024
Triangle Energy (ASX:TEG) advises that it has not received the first payment of $900,000 as set out in the binding
term sheet signed on December 2nd with Pilot Energy (ASXGY) for a revised Sale and Purchase Deed in respect
to Triangle’s interest in the Cliff Head project. This is now a debt that requires immediate payment. Triangle reserves
its rights in relation to this agreement.
The remaining $4.85 million is due to be made in five monthly payments, commencing on 15th February 2025 and
finishing on the 15th June 2025.
These purchase payments are to be followed by further payments of $4 million on award of an injection license and
up to $7.5 million in royalties.
Triangle Managing Director, Conrad Todd, said: “We are disappointed to announce that Pilot failed to meet the first
payment deadline for the updated Sale and Purchase agreement for the Cliff Head and Arrowsmith Facilities.”f Head and Arrowsmith Facilities.”