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HYTERRA LTD — Capital/Financing Update 2015
Nov 9, 2015
65084_rns_2015-11-09_6c8057f1-974e-40d2-9428-0f7f9da29a20.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
9 November 2015 by e-lodgement
DRILLING ACTIVITIES UPDATE
The Directors of Triple Energy Limited (ASX: TNP, Triple or Company ) provide the following update on the drilling activities on the Company’s Aolong Joint Venture project in the People’s Republic of China.
YIXIN-1 WELL
As of 10.00 am local time on 9 November 2015 the Yixin-1 well had reached a depth of 1,025 metres (measured depth).
Core acquisition of the final seam (M15) to be tested and analysed is currently underway. Following this the well is expected to be logged and cased.
CONTACT DETAILS FOR FURTHER INFORMATION;
Paul Underwood T: + 61 (0) 408 557 821 E: [email protected]
About Triple Energy and the Aolong Joint Venture project
Triple Energy Limited is an Australian registered Oil & Gas exploration company listed on ASX. Triple Energy’s ordinary shares trade under the code TNP.
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 was formed such that the coals identified for future underground mining by Longmay can be de-gassed and hence facilitate safer mining operations in the future. The coals in the respective lease areas have a history of underground explosions and fires whilst mining and core drilling, due to high gas content.
Triple Energy Ltd ACN 116 829 675 Unit 6, 100 Railway Road, Subiaco WA 6008 Email [email protected] Web www.tripleenergy.net