- Triangle Energy (TEG) has entered back-to-back trading halts as it gears up for a capital raise announcement
- The company’s shares will remain in a trading halt until the announcement is made or until August 28
- Triangle recently revealed there was a dispute brewing between it and Key Petroleum over the Mt Horner Production Licence L7
- In particular, the two companies were disputing a work program and budget relating to their farmout agreement and a joint operating agreement
- Before today’s trading halt, shares in TEG were trading for 3.9 cents on August 21
Oil producer and explorer Triangle Energy has entered back-to-back trading halts as it gears up to announce a capital raise.
The company’s shares will remain in a trading halt until the announcement is made or until August 28 at the latest.
The news of a capital raise comes as Triangle Energy revealed it was in the midst of a dispute with Key Petroleum over the Mt Horner Production Licence L7.
In particular, the dispute relates to a work program and budget in relation to the two companies’ farmout agreement and a joint operating agreement for Mount Horner.
Triangle Energy argues that Key does not have the right to create its own work program and budget, nor that Triangle has to provide funds for it.
The two companies have been unable to resolve the dispute and are now heading to a formal dispute resolution process.
Before today’s trading halts, shares in Triangle Energy were trading for 3.9 cents each on August 21.