Triangle Energy Group Enters Administration as Cliff Head liabilities loom

Triangle Energy (Global) Ltd. and eight related companies have entered voluntary administration after the collapse of joint venture partner Pilot Energy Ltd. raised questions about how the operators will fund the decommissioning of the Cliff Head offshore oil field in Western Australia.

Entities within the Perth-based oil and gas group entered administration in stages between 14 and 21 July 2026. Darryl Kirk, Jeremy Nipps and Stephen Earel of Cor Cordis were appointed joint and several administrators of Triangle Energy (Operations) Pty Ltd, while Bryan Hughes of 101 Advisory was appointed administrator of Triangle Energy (Global), Triangle Energy Onshore Pty Ltd, Triangle Energy Offshore Pty Ltd, Triangle (Perth Basin) Pty Ltd, Triangle Energy (EP437) Pty Ltd, Triangle Energy L7 Pty Ltd, Key Midwest Pty Ltd and Key Petroleum (Australia) Pty Ltd.

The appointments followed Pilot Energy’s entry into voluntary administration. Pilot held a 21.25% interest in the Cliff Head project, while Triangle entities remained connected to the offshore production licence and associated operations.

Production at Cliff Head, located off the Western Australian coast near Dongara, ceased in 2024. The facility had been proposed for conversion into a carbon storage project, but the administrations have renewed attention on the cost of permanently abandoning wells, removing infrastructure and rehabilitating the site.

A 2025 government-commissioned report prepared by Xodus estimated decommissioning expenditure across the relevant Perth Basin offshore area at about $200 million. The extent to which that estimate represents liabilities attributable to Triangle, Pilot or other parties has not been established.

Triangle’s board reportedly concluded that the company could not continue trading while exposed to potential obligations under Commonwealth offshore petroleum legislation. Following Pilot’s appointment, the national offshore regulator directed Triangle subsidiaries to maintain personnel and safety arrangements for the Cliff Head platform.

Triangle had previously transferred certain onshore Cliff Head infrastructure to Pilot in exchange for a $5.6 million secured promissory note carrying 10% interest and due in September 2026. Triangle also had an outstanding $250,000 loan to Pilot. The recoverability of those amounts will now depend on Pilot’s administration and the value available to its creditors.

The group’s remaining interests include Perth Basin permits L7 and EP437, which are involved in litigation with Strike Energy Ltd and Echelon Resources Ltd, as well as projects or licence interests in the UK and Indonesia. Triangle’s Philippine exploration assets had previously been separated into ASX-listed Tetragon Energy Ltd.