Triangle reports lower Q2 output from three wells in Pase PSC

By Romel S. Gurky

ASX-listed Triangle Energy Ltd reported Thursday total production at three wells A-1, A-5 and A-6 within the Pase Block, in Aceh Province, Indonesia, during the quarter ending June of this year declined to 55.6 mmscfd from 80.5 mmscfd during the same quarter of last year.

?During the quarter the company continued technical studies over the Pase Field with the intent of maturing in-fill drilling opportunities to access up-dip gas adjacent to existing producing wells,? Triangle said in a statement. The company operates the Pase production sharing contract (PSC).

Gross PSC revenue on production for the quarter totaled US$1.085 million including $0.166 million of condensate, it said.

Elsewhere, Triangle said the management team is assessing acquisition prospects to diversify and grow the company?s portfolio of assets.

Editing by Reiner Simanjuntak