Triangle amending agreement on divestment of Pase PSC
Friday, September 11 2015 - 12:01 PM WIB
ASX-listed Tirangle (Global) Limited announced on Friday that it is in discussion with PT Enso Asia (PTEA) to amend the agreement for the sale of its whole interest in the Pase PSC in Aceh province.
?Triangle confirms they are in continued discussions with PTEA to specifically amend the break fee pursuant to the Share Purchase Agreement (SPA) announced to the market on July 31, 2015 and to satisfy the ASX requirements pursuant to the announcement dated Aug. 6, 2015,? Triangle said in a statement.
On July 31, the firm announced that it had executed the SPA with PTEA for the sale of all of its interest in the Pase PSC for a cash consideration of US$2.5 million, plus cost recovery up to a maximum of $5.0 million.
In the statement on Friday, the firm said the board are awaiting amendments to the SPA for review and upon agreement from the parties, the company will submit a Notice of Meeting seeking shareholder approval for the divestment with the ASX for approval.
With relation to the SPA, the company confirm that PTEA have provided for the US$1.5M Performance Bond required under the PSC. Additionally, PTEA has continued to advance working capital to Triangle Pase Inc. to date, the firm said.
Triangle has 75 percent of Aceh Pase Global Energy Pte Ltd (APGE) which wholly owns Pase PSC. The remaining 25 percent is owned by the Acehnese government.
Editing by Johannes Simbolon