Triangle Energy (Global) Limited
Triangle Energy is an experienced and successful oil and gas production and exploration company. The Company is based in Perth, Western Australia with a wholly-owned subsidiary, Triangle Pase Inc., based in Jakarta, Indonesia.
Since 2009, Triangle has operated the Production Sharing Contract ("PSC") over the Pase fields located in the Aceh Province, North Sumatra, Indonesia. Pase covers an area of 922km2, has multiple proven gas and oil producing fields and is located adjacent to Exxon-Mobil's B Block in which the giant Arun gas field and associated LNG infrastructure are located.
Triangle purchased the Pase PSC from Exxon-Mobil in February 2009 and achieved operational excellence by developing the project from shut-in/brownfield stage to production within 6 months, generating over $65mm in revenue from that date.
In February 2015 Triangle was awarded a 20 years extension to the Pase PSC with effect from 24th February 2012, the date the original PSC expired. The PSC extension enables Triangle to execute its aggressive exploration programme which has been suspended during the past 3 years whilst it remained the temporary operator of Pase.
Triangle is now positioned to further demonstrate its success in exploration, development and operation of the Pase PSC.
The Company also holds a 20% interest in Reid’s Dome a tenement in the Bowen Basin, Queensland and has entered into an agreement with Goshawk E&P Ltd to farm into ATP1186 in the Surat Basin, Queensland.
Triangle continues to assess acquisition prospects to diversify and grow its portfolio of assets.