Triangle to get US$1.029m payment from government
Wednesday, February 6 2013 - 07:03 AM WIB
ASX-listed Triangle Energy (Global) Limited said its wholly owned subsidiary, Triangle Pase Inc. (TPI), has received notification that it will receive a payment of US$1.029 million from the Indonesian government.
In operating Indonesian PSC, lifting variances occur between the contractors and the government and are settled at year-end. The variance is audited by Price Waterhouse Coopers.
The company said in a press statement on Wednesday that the US$1.029 million payment is for the over/under lifting true up of the Arun Certificate for the year of 2010 and 2011.
The payment will be in addition to the US$1.440 million in other payments received from the government in the last two months. TPI is expecting receipt of these funds in early March 2013.
The TPI accounting and finance team has worked hard over the last 12 months to efficiently lodge documents and liaise with the government on various matters. The additional US$1.029 million to be received in March will significantly boost cash reserves within the group.
Editing by Benget Besalicto Tnb.