Triangle Energy (Global) Limited (ASX:TEG) entered into a sale and purchase agreement to acquire unknown majority stake in Production License L7 (R1) and Exploration Permit EP 437 from Key Petroleum (Australia) Pty Ltd and Key Midwest Pty Ltd for AUD 0.6 million on January 29, 2021. As part of the consideration, Triangle will pay to Key a cash consideration of AUD 0.6 million (AUD 0.25 of which is payable as a nonrefundable deposit, unless Key does not obtain shareholder approval), any outstanding cash calls in respect of L7 based on an agreed work program and budget plus a 5% gross overriding royalty payable on production from L7 and EP 437. The terms of the Sale and Purchase Agreement require Triangle to assume all ongoing liabilities associated with L7 and EP 437 upon completion of the sale. As part of the transaction, Key Petroleum (Australia) Pty Ltd will sell its remaining 50% stake in Production License L7 (R1) and Key Petroleum (Australia) Pty Ltd and Key Midwest Pty Ltd, both will sell their combined 86.94% stake in Exploration Permit EP 437. As per filing on August 12, 2021, Triangle has agreed to make a non-refundable pre-payment of part of the already announced completion payment, of AUD 200,000. The funds raised pursuant to the Placement are intended to be applied towards the cash consideration payable to Key pursuant to the Acquisition, also announced on January 29, 2021, the work program for Mt Horner and EP 437, and general working capital. The transaction is subject to regulatory approval and Triangle receiving binding commitments for a capital raising of at least AUD 1 million. As per filing on August 12, 2021, Due to a number of delays, Key and Triangle have agreed to extend the proposed Cut Off date for the Agreement to September 30, 2021. As of October 6, 2021, Both companies are continuing to complete these regulatory requirements and therefore, Key Petroleum and Triangle have agreed to further extend the proposed Cut Off date for the Agreement to January 31, 2022 and Triangle has agreed to make a further non-refundable pre-payment of part of the already announced completion payment, of AUD 0.1 million. As of February 2, 2022, the proposed cut off date for the agreement is extended to 31 March 2022. As of March 15, 2022, Triangle have agreed to further extend the proposed cut off date for the agreement to June 30, 2022. The remaining AUD0.10 million of the balance owing to Key Petroleum (Australia) Pty Ltd will be paid by Triangle Energy at completion. As of June 16, 2022, Key and Triangle have agreed to further extend the proposed cut off date for the agreement to September 30, 2022. It is anticipated that completion will occur before this date.
Triangle Energy (Global) Limited (ASX:TEG) agreed to acquire Key Petroleum (Australia) Pty Ltd and Key Midwest Pty Ltd from Key Petroleum Limited (ASX:KEY) for AUD 1,1 Million on September 21, 2022. This new Agreement replaces the Sale and Purchase Agreement and Royalty Deeds between Key and Triangle which was announced to ASX on 29 January 2021.
Triangle Energy (Global) Limited (ASX:TEG) completed the acquisition of Production License L7 (R1) and Exploration Permit EP 437 from Key Petroleum (Australia) Pty Ltd and Key Midwest Pty Ltd for AUD 1.1 million on September 30, 2022.