Triangle Energy subsidiary sues Strike Energy for over $3.8m

Strike Energy Ltd has acknowledged that Triangle Energy Onshore Pty Ltd has launched legal proceedings in the Supreme Court of Western Australia. The action is directed against Strike's wholly owned subsidiary, Talon (L7) Pty Ltd. Triangle Energy Onshore Pty Ltd is a subsidiary of Triangle Energy (Global) Limited.

The proceedings stem from Talon L7's withdrawal from a Joint Operating Agreement concerning Production Licence L7(R1) dated March 31, 2023, and alleged obligations under a Farmout Agreement. This agreement, dated February 28, 2023, covered Production Licence L7(R1) and Exploration Licence EP 437.

Triangle Energy Onshore Pty Ltd's claim against Talon L7 includes damages amounting to $3,838,780. Talon L7 intends to vigorously defend the proceedings, and Strike Energy has stated it will keep security holders informed of any significant updates.