Triangle Energy (ASX:TEG) has entered into an agreement with Pilot Energy (ASX:PGY), providing a $250,000 short-term loan to support Pilot’s ongoing funding and strategy initiatives.
In exchange for the capital, which is due for repayment by June 30, Triangle has been granted a one-year option to acquire a 7.5% interest in the offshore WA-481-P permit for an additional $250,000.
The deal includes a further contingency: should Pilot farm out more than 50% of the permit, Triangle maintains the right to secure an extra 2.5% stake for $500,000.
Managing Director Conrad Todd noted that the discretionary option allows Triangle to diversify its portfolio while remaining focused on the upcoming spin-out of Tetragon Energy and other new ventures.
At the time of reporting, Triangle Energy's share price was $0.0030.