Triangle Energy (Global) Limited (Triangle, the Company) is pleased to announce that State Gas Limited
(State Gas), until recently a wholly-owned subsidiary of Triangle and the holder of a 60% interest in PL 231, has today lodged a Prospectus to raise $5.25 million and seek admission to the official list of the ASX.
The funds raised will provide State Gas with capital to appraise the shallow, conventional gas target of the Cattle Creek Formation and, should the appraisal program be successful, take steps to develop the resource.
Triangle Managing Director Mr Rob Towner said: “The spin-out of PL 231 has been carefully planned to ensure the asset is in the hands of a team focused exclusively on its development. Triangle shareholders will benefit from the success of State Gas through the meaningful equity stake that we continue to hold. The supply constraints in the east coast gas market presented an ideal time for Triangle to move on this opportunity.”
Triangle has secured a priority allocation of $1 million of the $5.25 million to be raised under the State Gas IPO for eligible Triangle shareholders. The priority offer will be open to all Triangle shareholders on the register as at 4 September 2017, who will receive a letter providing more detail on how to apply for shares under the priority offer. The Offer is currently expected to open on 12 September 2017. The priority offer closes at 5.00pm AEST on 28 September 2017. Commencement of trading on ASX is expected on or about 17 October 2017.
Read the full ASX announcement here.