Aolong Joint Venture Signs Drilling Contract for Hegang Area

Source: www.gulfoilandgas.com 3/16/2015, Location: Asia

The contract covers drilling, coring, drill stem testing and fracturing operations for two wells in the Hegang mine areas to depths of between 800m and 1,000m respectively. The Directors of Triple Energy Limited provide the following update on activities and the progress of the Company's strategic investment process.

Drilling contract:
The Aolong Joint Venture (80% profit interest to TNP), Blue Sky Power Holdings (BSP) and CBM-specialist drilling company Beijing Jiuzun Energy Technology Co Ltd (Jiuzun Energy) have now executed the contract for the drilling and technical services for the two wells to be drilled in the Hegang area this year.

Under the terms of the previously announced binding Memorandum of Understanding with BSP, payment for the Jiuzun Energy drilling services are the responsibility of BSP, in consideration for which TNP will issue 595,264,168 shares at a price of $A0.006 to BSP to the notional value of US$2,750,000 (A$3,571,585).

The drilling contract is essentially a fixed amount as above to cover a pre-defined programme. It covers drilling, coring, drill stem testing and fracturing operations for two wells in the Hegang mine areas to depths of between 800m and 1,000m respectively. Once drilled, both wells will be production tested for six months.

The BSP Transaction So Far:
The MoU was signed on 25 November 2014. Since then, BSP has taken a placement in TNP of 158 million shares at a price of $0.005 for a consideration of A$790,000. Further, BSP has loaned TNP's wholly owned subsidiary A$500,000 to fund ongoing Joint Venture overheads and well planning. In accordance with the MoU, BSP has also transferred A$1,250,000 into a share placement account pursuant to a subscription agreement between BSP and TNP for the proposed Tranche 2 placement of 208.3 million shares in TNP at a price of A$0.006.

Following shareholder approval and completion of the overall transaction, BSP will hold approximately 58% of TNP (assuming other existing shareholders subscribe for their preferential allocation of shares in full).

The Next Steps:
Now that the drilling agreement is signed, the Notice of Shareholders Meeting will be finalised inclusive of the Experts Reports in accordance with Section 611 of the Corporations Act. TNP expects this to occur next week with the Shareholders' Meeting expected to be held late April 2015. At that time, subject to the passing of all resolutions, BSP will have the right to appoint another director to the Board of TNP.

Operations:
The Joint Venture will now mobilise JiuZun specialist staff to assist with preparatory activities including finalisation of site selection, site preparation and sourcing of long lead-time items.

Commenting on the signing of the contract, Triple Energy Managing Director Paul Underwood said: 'We can now get to work on final well site selection, well pad and road preparations, such that we can start drilling as soon as possible. We remain enthusiastic at the prospects of the production testing results later this year after drilling such that in the success case, the project may advance to production as soon as possible.' For more information about related Opportunities and Key Players visit Caspian Region Projects


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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