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.
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