Australia's Triangle Energy (Global) Limited (Triangle or the Company), a gas exploration and production company, announced Monday the Indonesian Energy and Mineral Resources Ministry (ESDM) has announced a decision on the contract status of the Pase Production Sharing Contract (PSC) in Aceh Province, North Sumatra, Indonesia.
On Friday, the Minister of Energy and Mineral Resources, Sudirman Said, confirmed that the Pase oil and gas block in Aceh is to be managed by Triangle's joint venture partner PT Perusahaan Daerah Aceh Development (PDPA), a company owned by the Aceh local government. Traiangle will be appointed operator for the block for a further 20 years.
In mid 2012, a committee of Acehnese industry experts were appointed to carry out a tender process to seek the most qualified partner to operate the PSC with the Achenese Government. In February 2013, the Acehnese Government selected Triangle to partner with them to operate and develop the Pase Block.
In August 2013, Triangle and PDPA agreed on terms and incorporated a Singapore joint venture company, Aceh Pase Global Energy Pte Ltd. (APGE), 75 percent owned by Triangle and 25 percent owned by PDPA. Triangle is the first foreign company to form a JV with the Acehnese Government to operate an oil and gas field.
The Triangle Board welcomes the news and fully supports the Indonesian and Acehnese government's decision to progress the development of Pase. The Company will keep shareholders updated as further material information develops.
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