(MENAFN - ProactiveInvestors - Australia) The shares of Triangle Energy (ASX:TEG) will be halted pending an announcement on the operatorship of its Pase Bock in Aceh in Indonesia.
The halt will be in place until earlier of the start of normal trading on 19th February or when an announcement is made to the market.
During its last quarter ending 31 December 2012, Triangle said that a new Aceh governor's team of independent advisers had been established for selecting the most suitable and qualified operator for Pase production sharing contract.
The team has been working through their process of seeking qualified operators to partner with them to operate the Pase field under a new Production Sharing Contract for 30 years.
The process was advancing and near finalisation with Triangle the most qualified partner shortlisted as their preferred partner, Triangle said in its quarterly.
During the last quarter, production at Pase totalled 161.7 MMcf gas from three wells A-1, A-5, and A-6.