Triangle Raises $1.5 Million for Pase Block, Aceh

SYDNEY (Yosefardi) – Triangle Energy (Global) Ltd has kicked off $1.5 million fund raising for working capital and specific work on the Pase A-1 well, Aceh province, Indonesia.
Triangle has signed a lead manager and broker mandate with Perth-based CPS Capital Group to place 187.5 million shares at $0.008 per share to sophisticated investors.
“Funds raised will be used for working capital and specific work on the Pase A-1 well to maintain production levels. A hot rock acid treatment is underway to remove the down-hole scale and restore normal production,” Triangle said this morning.
Triangle produces gas from three wells, A-1, A-5, and A-6 in the block. Status of Pase A block contract, however, is not clear yet.