Triangle Energy updates Aceh operation

The following is an excerpt from Australian energy firm Triangle Energy Limited interim financial report ended December 31, 2013, released on Friday.

Review of Operations
In the half year ended December 2013 Triangle continued to successfully operate and produce gas from the Pase field and abide by all SKK Migas requirements to operate in a safe manner with zero incidents. The Company continues to secure a long term Pase PSC. In July 2013 Triangle and the Acehnese Government formalised the Joint Venture Agreement to operate the new long term Pase PSC. Triangle is the first foreign company to partner with Aceh to operate an oil and gas field under the 2005 Helsinki Memorandum of Understanding.

In August 2013, Aceh Pase Global Energy Pte Ltd (APGE) was incorporated in Singapore as the joint venture company to operate the new Pase PSC. APGE is 75% owned by Triangle and 25% by an Acehnese Government owned company Perusahaan Daerah Pembangunan Aceh (PDPA).

The Joint Venture has the full support of the Governor of Aceh, Dr Zaini Abdullah and the Acehnese Government, on behalf of APGE, is in discussion with MIGAS to secure the award of a new long term Pase PSC. Triangle?s Indonesian Management team led by General Manager, Tony Anson and Triangle?s Exploration Manager Witan Ardjakusumah has increased open communications between Pase PSC stakeholders.

During the half year the Company raised $1.5m in a placement to sophisticated investors at $0.008 per share. Proceeds from the capital raising were used for working capital and specific work on the Pase A1 well.

Production for the half year totalled 165MMcf. (end of excerpt)