Triangle Energy (Global) Limited (ASX:TEG), an oil and gas exploration and production company operating in Western Australia’s perth Basin, has announced the appointment of a voluntary administrator to itself and three wholly owned subsidiaries. The decision follows the appointment of administrators to Pilot Energy Ltd and Triangle Energy (Operations) Pty Ltd, the operator of the Cliff Head Project, amid the company’s inability to meet potential decommissioning obligations under Commonwealth offshore petroleum legislation. The voluntary administrator will engage with government regulators, creditors, and stakeholders to assess available options and maximise outcomes for all parties.
Key Points
- Triangle Energy (Global) Limited (ASX:TEG), a Perth Basin oil and gas producer, has appointed Bryan Hughes of 101 Advisory as voluntary administrator
- Four entities have entered voluntary administration: the parent company and three wholly owned subsidiaries including Triangle (Perth Basin) Pty Ltd, Triangle Energy Onshore Pty Ltd, and Triangle Energy Offshore Pty Ltd
- The appointment follows voluntary administration of Pilot Energy Ltd and Triangle Energy (Operations) Pty Ltd, which…