Triangle Energy (ASX: TEG) is in pre-open this morning following the ASX granting the company a trading halt, as it prepares to announce details relating to developments in the operatorship of the Pase Block in Aceh.
The Aceh Province is in North Sumatra, Indonesia. Triangle has successfully operated the Pase oil and gas field since July 2009 under a Production Sharing Contract (PSC).
Triangle and the Acehnese Government owned company PDPA have entered into a Joint Venture Agreement to develop, operate and manage the Pase Field once the application to SKK MIGAS is processed and the new PSC is awarded.
Production during the June quarter 2013 totaled 80.5 MMcf, with gross PSC revenue on production for the quarter: US$1.9 million (A$2.1 million).
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 27th August 2013.
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.