Triangle gets additional time for its Aceh gas block

ASX-listed firm Triangle Energy (Global) Limited announced on Thursday that it had received verbal confirmation from upstream oil, gas authority BPMIGAS that its Pase Production Sharing Contract (PSC) in Aceh province will expire on 23 February 2012 instead of 11 February 2011.

The additional 377 days has been added to the contract period as a result of the PSC?s Force Majeure provisions.

On 9 March 2001 Force Majeure was declared by previous operator ExxonMobil and continued for 377 days until 21 March 2002. Pursuant with clause 3.2 of the PSC the term of the contract is therefore extended for a period equal to the period of Force Majeure.

?The Company has had discussions with BPMIGAS regarding the operation of the Force Majeure provisions and has submitted relevant documentation of the Force Majeure period to BPMIGAS. The new termination date for the existing PSC has been confirmed and minuted by BPMIGAS and formal notification is expected to follow in due course,? the Company said.

A twenty year PSC renewal application was submitted to BPMIGAS on 5 February 2010 and the Company is continuing discussions with BPMIGAS in relation to the application, it said.

The block was acquired by Triangle from Exxon Mobil in 2009. (alex)