Triangle Energy (ASX: TEG) has been granted a six month extension from 24 August 2013 to its role as temporary operator of the Pase Block in Aceh by Indonesian regulator SKK MIGAS.
Triangle has successfully operated the Pase oil and gas field since July 2009 under a Production Sharing Contract (PSC).
It had in July 2013 formed a joint venture with Acehnese Government owned company PDPA to develop, operate and manage the Pase Field.
Pase produced 80.5 million cubic feet of gas during the March 2013 quarter, generating gross revenue of US$1.9 million (A$2.1 million).
The extension will last until it expires or a definitive operator is appointed.
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.