Triple Energy Buys Into Chinese CBM Project
Triple Energy has signed an agreement to acquire CFT's coal seam gas interests and project in Northern China.
As per the agreement, Triple Energy will acquire 89% share in the project, , which is estimated to contain 2 to 7 trillion cubic feet of gas in place, the company said.
In return, Triple will issue 380 million shares, of which 350 million performance shares will vest in accordance with “milestones”. Gas in place on just the initial five mine areas to be drilled has been estimated at around 540 billion cubic feet by an independent petroleum consultant.
The specific location and approvals for the upcoming drill stem test well are established and the drilling pad is ready for the rig mobilisation later this month.
Triple expects the 2012-13 drilling campaign to facilitate a maiden reserves booking for the assets as well as significantly de-risk the entire Cooperative Joint Venture area.