Australia's Triangle Energy (Global) Limited (Triangle or the Company) indicated Tuesday that it has completed the sale of its interest in the Pase Production Sharing Contract (PSC) (the Sale) to Enso Asia Inc. (EAI), a nominee of PT Enso Asia.
The key financial terms of the Sale are as follows:
The completion of the Sale is significant to Triangle in the current operating environment. The cash proceeds will enable the Company to consider new growth opportunities coupled with an asset in the form of potential non-operated cash inflows from cost recovery payments and royalties from the Pase PSC.
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