Triangle a step closer to securing PSC for Pase block
Wednesday, May 1 2013 - 04:50 AM WIB
ASX-listed company Triangle Energy Limited reported on Wednesday it has signed a Memorandum of Agreement (MoA) with Acehnese government owned company PDPA to jointly progress negotiations for a Production Sharing Contract for the Pase block.
The signing of the MoA is an inaugural event as it is the first time in Indonesia a foreign company has joined with an Aceh government company to manage an oil and gas field and potentially provides Triangle with further exploration and production opportunities in Aceh, the firm said in a statement.
The MOA signing is a follow-up of a series of events between Triangle and the Aceh government regarding the Pase block.
A new Aceh Governor?s team of independent advisers was established in late 2012 for the purpose of selecting the most qualified operator for Pase. Triangle was selected by this committee as the most qualified partner and in February 2013, Triangle announced that the Aceh Government selected Triangle to partner with them to operate the Pase block.
The signing of the MoA finalizes this arrangement.
The Aceh government, on behalf of Triangle and PDPA will now formalize the process with the central government. Triangle has been successfully operating the Pase block since 2009 and will continue to act as operator of the Pase Block until finalization of a new PSC.
Production during the March quarter totaled 88.6 MMcf from three wells, A-1, A-5 and A-6.
Editing by Dadan Wijaksana