Perth based Triangle Energy (ASX:TEG) will receive US$1.02 million from the Government of Indonesia.
Triangle's local subsidiary operates the Pase Production Sharing Contract located in Aceh Province, North Sumatra, Indonesia.
In operating Indonesian PSCs, lifting variances occur between the Contractor and the Government and are settled at year-end.
The US$1.029 million payment is for the over/under lifting true up of the Arun Certificate for the 2010 & 2011 years.
The payment will be in addition to US$1.440 million in other payments received from the GOI in the last two months. TPI is expecting receipt of these funds in early March 2013.
The additional US$1.029M to be received in March will boost cash reserves within the group.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.