Triangle Energy (ASX:TEG) said that Pilot Energy (ASX:PGY) has not made the second payment of AU$832,912, plus interest, for the sale of its interest in the Cliff Head project, as agreed in December 2024, according to a Monday filing with the Australian bourse.
The payment is now a debt that requires immediate settlement, per the filing. However, Pilot Energy remains in voluntary suspension until March 5 or until a capital raise announcement is made.
Pilot Energy is negotiating a capitalization package with an investor to finalize the acquisition. Delays from complex negotiations and key personnel unavailability in January have kept details confidential, the filing added.
Triangle Energy noted that Pilot continues to cover joint venture costs but is awaiting details of the company's capitalization package.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.