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HYTERRA LTD — Capital/Financing Update 2013
Mar 17, 2013
65084_rns_2013-03-17_0d1915af-76a2-424e-ae5c-360066d00408.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
18 March 2013 By e-lodgement
WELL PROGRAMME UPDATE
Triple Energy Limited (“Triple”) advises that whilst a drilling unit is under contract and has been procured for the test wells, unfortunately there will be a delay of around 4-6 weeks in spudding the first well by the Aolong Joint Venture (“AJV”) (Triple 80%) in Heilongjiang Province, China.
Regrettably there have been two consecutive cave-ins in two separate coal mine-drives within the AJV lease areas, trapping numerous coal miners underground.
LongMay Coal Mining Company (“LongMay”) Triple’s 20% JV partner in the AJV project) is the owner of the on–site drilling unit that the AJV has procured for its test wells and LongMay has understandably mobilised it to the site of the first cave-in. LongMay is attempting to drill a ~500 metre vertical hole to provide air supply for the trapped miners.
Thus, it is expected that the AJV will not be able to access the rig for 2-3 weeks until this recovery operation has been completed.
Once the rig is available after the recovery operations, Triple estimates that another 2-3 weeks will then be required to fit necessary additional equipment as well as implement drilling team safety procedures and policies that will be applied to the AJV/Triple test wells.
This is an unfortunate incident in the mine lease area however the wishes of the AJV and Triple are with the LongMay drilling team in the hope that they are able to recover the trapped men.
Once the drilling unit is mobilised to the AJV/Triple wells, Triple is advised that the drilling operations will not then be interrupted for other possible recovery operations as there are other rigs available for this should this occur.
Triple is hopeful of course that the wells will spud sooner than forecast herein and a further update will be provided as we receive additional information on the recovery operations.
CONTACT DETAILS FOR FURTHER INFORMATION:
Paul Underwood T: + 61 (0) 408 557 821 E: [email protected]
Triple Energy Ltd ACN 116 829 675 Unit 15, Level 1, 100 Railway Road, Subiaco WA 6008 Mobile +61 408557821 Email [email protected] Web www.tripleenergy.net