Triangle Energy (ASX:TEG) has been granted an ASX trading halt in relation to the disposal of the Pase Production Sharing Contract in Aceh, Indonesia.
On 6th August 2015, the Australian Securities Exchange had required the company to obtain shareholder approval to dispose the asset and raised concern that the break fee was unreasonably high.
In July, the company executed a sale and purchase agreement with Indonesia’s PT Enso Asia to sell its 100% interest in Pase for US$2.5 million plus cost recovery of up to US$5 million.
This included a break fee of US$5 million.
The halt will last until the earlier of the announcement being made or the start of trade on Tuesday, 29th September 2015.
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