Triangle Energy raises US$1.5m via private placement

By Peni Pedriawan

ASX-listed Triangle Energy (Global) Limited said it has raised US$1.5 million from sophisticated investors via private placement mechanism.

Funds raised will be used for working capital and specific work on the Pase A-1 well to maintain production levels. A hot rock acid treatment is underway to remove the down-hole scale and restore normal production from A-1, the company said in a statement obtained Wednesday.

Triangle produces gas from three wells, A-1, A-5 and A-6, on the Pase Field in Aceh and these wells have a history of producing a consistent cash flow for the company.

Editing by Reiner Simanjuntak