Triangle Energy cuts stake in State Gas
Triangle Energy has sold 24mn shares of fellow Australian company State Gas for A$6.72mn ($4.21mn), it said on October 11 in a statement.
The company sold 16mn shares to a specialist investment manager, Regal Funds Management, and 8mn shares to members of the St Baker family at a price of 28 cents/share.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“This finance will allow Triangle to progress the L7 and EP437 permits, as well as our carbon capture and sequestration project over the Cliff Head field along with new ventures opportunities, while retaining a substantial holding in State Gas which gives good exposure to the potential upside,” Triangle managing director Conrad Todd said.
The sell-down represents a reduction of approximately half of Triangle’s holding in State Gas, leaving the company with a 10.1% stake.