Triangle Energy (ASX: TEG) is readying to announce capital raising details, with the ASX granting the company a trading halt - with its shares placed in pre-open.
TEG is currently focused on gas exploration, and importantly in August was granted a six month extension to its role as temporary operator of the Pase Block in Aceh by Indonesian regulator SKK MIGAS.
TEG has successfully operated the Pase oil and gas field since July 2009 under a Production Sharing Contract (PSC).
In July 2013 the company 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.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 11th September 2013.
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