Triangle Energy secures extension to Indonesian gas project

(MENAFN- ProactiveInvestors)

Triangle Energy (ASX:TEG) has been granted a 20-year extension to the Pase Production Sharing Contract in Aceh Indonesia.

This enables the company to execute its exploration program which has been suspended during past three years while it was temporary operator of the PSC.

The extension dates from 24th February 2012 the date the original PSC expired.

Pase is in a very prolific oil and gas area with access to existing infrastructure and the local gas market.

It covers 922 square kilometres with two gas production fields. It had generated over $65 million in revenue before it was shut-in.

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