Triangle teams up with Aceh government on Pase block

By Demas Simbolon

Australia-listed energy firm Triangle Energy Limited said it has executed an exclusive Memorandum of Agreement (MOA) with PT Investa Aceh, a company owned by the Aceh regional administration, on the Pase block located in the country?s easternmost province.

It said in a filing to the Australia Stock Exchange that the MOA outlines the terms for the future management and operation of the Pase Working Area.

As a result, PT Investa Aceh is proceeding with the Indonesia central government to secure a new Production Sharing Contract (PSC) in relation to the Pase block. It did not further elaborate.

Triangle Energy is a gas production and exploration company based in Perth. Its whollyowned subsidiary, Triangle Pase Inc, is based in Jakarta and has operated the Pase Production Sharing Contract since June 2009 which covers an area of 922km2 in Aceh Province, North Sumatra, Indonesia. It was acquired from ExxonMobil and the acreage has only been explored once and this was specifically for augmentation of gas supply to the Arun LNG plant. Triangle?s contract on the block had 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. Triangle Energy is continuing to review further acquisition opportunities in the area.

Editing by Dadan Wijaksana