Cliff Head JV: Pilot to Acquire Triangles Interest

Pilot Energy Limited (ASX:PGY) and Triangle Energy (Global) Limited (ASX:TEG) have agreed to revise their existing Sales and Purchase agreement to consolidate ownership arrangements for the Cliff Head Joint Venture (CHJV) and the proposed Cliff Head Carbon Capture and Storage Project (CH CCS Project). The revised agreement allows both companies to pursue their energy sector strategies separately. Under the revised agreement, Pilot will acquire the remaining 78.75% interest in the Cliff Head JV, which it does not already hold, by purchasing Triangle subsidiaries, including Triangle Energy (Operations) Pty Ltd (TEO), the operator of the Cliff Head Field.

The transaction is expected to be completed by early 2024. Pilot's acquisition of the Cliff Head facility will enable it to pursue its innovative carbon capture project alongside the integrated MidWest Clean Energy Project. The company aims to introduce strategic partners and financial investors to fund the development, making it the first offshore CCS development in the MidWest and one of the world's leading CCS projects. Triangle will receive a total consideration of approximately AU$15 million over the CCS project life, consisting of staged cash payments and royalties from the Carbon Sequestration project.

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