Triangle wins BPMIGAS? support for Aceh block contract extension

ASX-listed oil, gas company Triangle Energy (Global) Limited reported on Friday that it has won support from upstream oil, gas authority BPMIGAS for the extension of its Pase PSC onshore Aceh.

?Discussions with BPMIGAS were completed in July 2010 and BPMIGAS recommended to Directorate General of Oil and Gas, Ministry of Energy and Mineral Resources (MIGAS) that the Pase PSC be renewed for twenty years. Discussions with MIGAS and the Government of Aceh commenced during the quarter and were met positively. Negotiations and discussions regarding terms and conditions of the Pase PSC renewal are ongoing with MIGAS and the Government of Aceh,? the company said in a Quarterly Report.

Pase block contract will expire in 2012. The block was acquired by Triangle from Exxon Mobil in 2009. The block produced 9.7 MMCFD of gas as per end of September 2010. (alex)