Cliff Head Sale UpdateTriangle Energy (ASX:TEG) and Pilot Energy...

Cliff Head Sale Update
Triangle Energy (ASX:TEG) and Pilot Energy (ASXGY) have signed a binding term sheet which will form the basis
for a revised Sale and Purchase Deed in respect to Triangle’s interest in the Cliff Head project.
The terms are as follows:
1. Pilot will pay Triangle $900,000 on the 17th December 2024.
2. Pilot will pay the remaining $4.85 million 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.
In addition, Pilot will continue paying the full operating costs for the Cliff Head facility.
The revised terms replace those in the previous Sale and Purchase Agreement. Under the previous terms, Pilot was
to pay Triangle $4.1m by November 29, 2024. The payment was not made by this date and therefore in line with the
agreement, this payment will now increase to $5.75 million.
This increased amount is reflected in the new Binding Term Sheet.
Triangle Managing Director, Conrad Todd, said: “We have negotiated a settlement timeframe for the Sale and
Purchase Agreement which will allow Pilot to secure the necessary finance. We note that Triangle is well funded for
its share of the outgoings for the upcoming Becos Perth Basin exploration well”.
Authorised for Release by: The Board of Directors