Australia's Triangle Energy eyes worst day in 8 weeks as deal with Pilot falls through

Pilot Energy

04/02/2022 04:36

** Shares of Triangle Energy (Global) Ltd  TEG.AX  slide as
much as 11.8% to A$0.015, heading for their worst session since
Dec. 6
    ** Pilot Energy  PGY.AX  said on Wednesday it is terminating
a deal, under which Triangle would acquire a 78.75% interest in
an oil exploration permit  urn:newsml:reuters.com:*:nASX2RMtBn 
    ** Pilot said it believes the regulator, National Offshore
Petroleum Titles Administrator, was unlikely to approve the deal
    ** Termination of agreement means the Wind & Solar JV with
Pilot is also terminated, says Triangle  urn:newsml:reuters.com:*:nASX6NRl0V 
    ** Trading of TEG halted on Wednesday pending the response
to Pilot's announcement 
    ** TEG hits lowest level since Jan. 20
    ** Up to stock's last close, Triangle has grown by nearly a
third so far this year

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))