Triangle receives Pase PSC extension, appoints CEO

By Ruli Setiawan

Australia?s Triangle Energy (Global) Limited announced Thursday its joint venture firm with a company owned by the Acehnese government has been awarded the Pase Production Sharing Contract (PSC) extension.

Indonesian upstream oil and gas authority SKK Migas confirmed the PSC has been extended from 24th February 2012, the date the original PSC expired. The period of the extension is 20 years, the company said in a statement.

?The award of the PSC extension enables Triangle to execute its exploration program which has been suspended during the past three years while it was temporary operator of Pase. Triangle looks forward to the opportunity to further demonstrate their proven success in exploration, development and operation of the Pase fields, the statement said.

Triangle formed in August of 2013 a joint venture company called Aceh Pase Global Energy Pte Ltd (APGE) with a company owned by the Acehnese government called PDPA. Triangle controls 75 percent of APGE, with the remainder 25 percent held by PDPA. The joint venture was set up as Triangle sought to maintain operatorship of the Pase block in Aceh after its contract over the block expired. The government temporarily extended Triangle?s operatorship of the block three times in 2013 and 2014. The Ministry of Energy and Mineral Resources in November of last year finally announced that that the Pase block would be handed over to APGE.

Elsewhere, Triangle announced the appointment of current Director, Rob Towner as Managing Director and Chief Executive Officer of the company. Towner has over 20 years experience in financial markets as a Corporate Advisor to Australian investment firms and as a Director of publicly listed and unlisted companies. Towner held the position of Corporate Consultant to Triangle for the past two years specializing in corporate planning and advisory, capital raisings and compliance. In July 2014 he was appointed as a Director of the Board of Triangle.

Rob Towner said: ?We are delighted to have official notification of the award of Pase. This milestone is the culmination of an enormous amount of effort by Triangle?s In-Country Management Team as well as our joint venture partner, the Acehnese Government. Pase is in a very prolific oil and gas area, Triangle is a proven operator of the Pase PSC and combined with our local government partnership we are uniquely positioned to develop the potential of the Pase field, and utilize the local gas market and existing infrastructure.?

Editing by Reiner Simanjuntak