Triple Energy announced that it has executed a share purchase agreement to acquire CFT’s coal seam gas project and interests in Northern China.
The Agreement remains subject to a number of conditions precedent, including final due diligence sign off and shareholder approval.
The board of Triple considers that this project provides a medium to low risk opportunity for the shareholders to be exposed to significant value.
The project comes with expert Coal Bed Methane (CBM) management in a highly prospective area with proven evidence of gas production from nearby coal seams and gas flow from coal mining operations. It is an excellent opportunity for the company to be exposed to the possibility of a meaningful gas production business in the near term.
The project has the following attributes:
Equity Position and Tenure
Under the Agreement, Triple will acquire an 80% interest in a coal bed methane project in northern China. The project is conducted a via 45 year Cooperative Joint Venture with Longmay Coal Mining Company, one of China’s largest coal miners and the largest employer in the area.
The Cooperative Joint Venture equity will be as follows:
[mappress] LNG World News Staff, October 05, 2012; Image: Triple Energy