- Triangle Energy (TEG) has entered a trading halt ahead of an upcoming material acquisition and capital raising
- Currently, it is not known how much TEG intends to raise or what it will purchase
- Due to the trading halt, company shares will be paused until Friday, January 29, or when more details are released to the market
- On the market, Triangle last traded for 2.9 cents per share on January 25
Triangle Energy (TEG) has entered a trading halt ahead of an upcoming material acquisition and capital raising.
Currently, it is not known how much TEG intends to raise or what it will purchase.
As a result, company shares will be paused until Friday, January 29, or when more information regarding the raise and acquisition are released to the market.
Triangle is an oil producer and explorer with operations located in the Perth Basin, around 270 kilometres north of Perth, Western Australia.
Last year, BP announced it intends to stop fuel production at its Kwinana Refinery and convert the refinery into a fuel import terminal.
Triangle currently delivers its crude oil from Cliff Head Oil Project in the Perth Basin to the Kwinana Refinery under a supply agreement with BP. The multinational oil and gas company told Triangle it would continue to operate the refinery while it planned the fuel import terminal.
Earlier this month, Triangle received a formal notice of termination from BP, which will come into effect on February 16, 2021.
The Cliff Head Oil Field will continue to produce and deliver its product to the BP refinery in Kwinana until the cut-off date.
On the market, Triangle last traded for 2.9 cents per share on January 25.