Triangle Energy to Form JV for Pase PSC in Aceh

Australia's Triangle Energy (Global) Limited planned to incorporate a joint venture company, Aceh Pase Global Energy Pte. Ltd. (APGE), with the Aceh Government owned firm Perusahaan Daerah Pembangunan Aceh (PDPA) to facilitate the award of the Pase Production Sharing Contract (PSC) in Aceh Province, North Sumatra, Indonesia.

APGE will be a Singapore incorporated company, with Triangle Energy and PDPA holding 75 percent and 25 percent interest, respectively. The joint venture firm will work with the Aceh Government to facilitate the award of the Pase PSC by Indonesian oil and gas regulator SKKMigas.

"Triangle will be the first foreign company to form a Joint Venture with the Acehnese Government to manage an oil and gas field and we look forward to working closely with PDPA," Triangle Executive Chairman JohnTowner said in a press release.

"Triangle has been successfully operating the Pase Field since 2009 and will continue to act as operator of Pase until finalization of a new PSC. Once the application to SKKMigas is processed and the new 30 year PSC is awarded, the APGE Joint Venture will take responsibility for the operation of the block."

The current PSC for the Pase Block, which covers an area of 356 square miles, expired in February 2012. SKKMigas appointed Triangle Energy as operator until a new PSC is negotiated. Triangle Energy had purchased the Pase PSC from ExxonMobil in December 2009.

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