Triangle registers AGE for award of Pase block

By Nur Azizah

Australia-listed energy firm Triangle Energy Limited announced the incorporation of Aceh Global Energy Pte Ltd (AGE) for the operation of the Pase Block located in the country?s easternmost province.

AGE is registered in Singapore and jointly owned by Triangle Energy (80 percent) and PT Investa Aceh (20 percent), an entity wholly owned by the government of Aceh.

Triangle said in a filing that the government of Aceh is working directly with the Ministry of Energy and Mineral Resources to facilitate the award of the Pase PSC to its chosen operator, AGE.

Triangle has operated the Pase Production Sharing Contract since June 2009 which covers an area of 922km2 in Aceh. Its contract on the block expired on February 23, 2012, but the government extended the right of Triangle to manage the block for another six months despite the fact that Triangle?s wholly owned subsidiary, Triangle Pase Inc (TPI), had last year submitted an application for contract renewal of further 20 years.

Editing by Dadan Wijaksana