Triangle?s gas production in Aceh drops
Friday, October 31 2014 - 03:52 PM WIB
ASX-listed Triangle Energy Limited announced on Friday its gas production during the September 2014 quarter totaled 32.2 mmcf from three wells, A-1, A-5 and A-6, in the Pase block in Aceh.
The firm did not provide comparative figures but last year the firm produced 82.8 mmcf in the September 2013 quarter, according to the firm?s announcement last year.
Gross PSC revenue on gas production for the quarter was US$0.531 million (no condensate was lifted). Gross PSC revenue on production for the September 2013 quarter was US$ 1.050 million.
During the September 2014 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 well.
Triangle and Aceh Governor Dr Zaini Abdullah met on Oct. 17, 2014 to confirm their joint commitment to secure the award of a long term PSC over the Pase fields in Aceh.
The new PSC is to be awarded under the collaborative regime between the Indonesian Central Government and the Acehnese Government. Triangle and the Acehnese Government have formed a joint venture company, Aceh Pase Global Energy Pte Ltd (APGE) to operate a new PSC. Zaini continues to give the joint venture his full support and both Triangle and the Acehnese Government are working with the Indonesian Government to execute the award of a new PSC to APGE.
In August this year, the firm explains that Triangle owns 75 percent of APGE, while the remainder 25 percent is held by PDPA.
Editing by Johannes Simbolon