Triple provides an Update on Activities in China’s CBM Blocks

Source: www.gulfoilandgas.com 1/8/2016, Location: Asia

The Directors of Triple Energy Limited are pleased to provide the following update on activities.

“Moke” Acquisition: This acquisition remains on track and is expected to be completed in the next few months once certain benchmarks for production performance are established and the transaction structure has been finalized.

As a reminder, in October 2015 Triple signed a Letter of Intent (LoI) to Acquire interests in a number of CBM blocks in Shaanxi Province, China.

In summary, the LoI includes 4 x blocks Covering around 378 km2 total in the Ordos Basin of Shaanxi Province in PRC.
•The Tongchuan Block already has eight CBM wells drilled with seven currently on test production.
•The WangFeng Block has four wells drilled to date (with two production tested and a full field development plan being progressed.

The CBM blocks held by Moke are well suited to the growth plans and overall strategy of Triple Energy (and TNP’s major shareholder, Blue Sky Power). Specifically, they have the potential to generate near term production.

The final adjusted purchase price and the transaction structure is still being finalised.

As previously reported, this acquisition will be made by the issue of shares in Triple, subject to the finalization of due diligence in respect of transaction structure, production performance and any necessary regulatory approvals etc.

Further updates will be made as this transaction progresses.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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