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HYTERRA LTD — Capital/Financing Update 2015
Nov 10, 2015
65084_rns_2015-11-10_81a59c11-c9d2-4c9d-bdb1-888450df7dff.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
10 November 2015 by e-lodgement
UNLISTED OPTION EXPIRY
Triple Energy Limited (ASX: TNP, Triple or Company ) advises that 20,000,000 unlisted Class F Advisor Options (exercisable at $0.006 per Share) have now expired, unexercised.
CONTACT DETAILS FOR FURTHER INFORMATION;
Paul Underwood T: + 61 (0) 408 557 821 E: [email protected]
Triple Energy Ltd ACN 116 829 675 Unit 6, 100 Railway Road, Subiaco WA 6008 Email [email protected] Web www.tripleenergy.net
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About Triple Energy and its projects
Triple Energy Limited is an Australian registered Oil & Gas exploration company listed on ASX. Triple Energy’s ordinary shares trade under the code TNP.
NEW PROJECTS
TNP has recently announced that it entered into a non binding Letter of Intent to purchase two new CBM projects in Shanxi Province, in the People Republic of China. These projects have a number of test wells on test production. Due diligence is currently under way and the final acquisition price is under negotiation. If this acquisition is completed, it is expected that TNP will become a producer of gas in China in the very near term. Other new growth projects are also under evaluation.
EXISTING PROJECT
Triple Energy holds an 80% interest in a Cooperative Joint Venture ( CJV , known as Aolong Energy) with LongMay Coal Mining Company ( Longmay ), one of China’s largest State-owned coal mining companies. The CJV has the objective of degassing the coal mining leases held by Longmay and has a life of 45 years.
The equity in the CJV with Longmay is as follows; - Triple Energy Ltd* - 80% (Operator) - LongMay Coal Mining Company – 20% *via its wholly-owned Hong Kong registered subsidiary CFT Heilongjiang (HK) Limited
The CJV operates pursuant to the coal mining leases held by Longmay with the Joint Venture Agreement registered with the relevant Chinese Government authorities. The CJV is staged, with exclusive access that can ultimately extend the CJV area to cover up to a total of 42 mine areas.
The CJV has now drilled three wells, one in 2013 and two this year.
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Approximate Location of CJV areas
Triple Energy Ltd ACN 116 829 675 Unit 6, 100 Railway Road, Subiaco WA 6008 Email [email protected] Web www.tripleenergy.net