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Print[Ferro-Alloys.com] Proactive Investors reported that Triple Energy has executed a share purchase agreement to wholly acquire CFT Heilongjiang and its 80% interest in a coal seam gas project in Northern China, which is estimated to contain 2 to 7 trillion cubic feet of gas in place.
As consideration for the acquisition, Triple will issue 380 million shares, of which 350 million performance shares will vest in accordance with "milestones".
Triple will also pay a cash amount of 150,000, which together with 30 million shares to be issued at settlement, is consideration for expenses incurred by the Cooperative Joint Venture with Longmay Coal Mining Company since January 1st 2012.
The acquisition provides Triple Energy with a material acreage position, potential for material reserves and a large proximate potential customer base, with a ready gas market.
Resource estimates show there is potential for a meaningful scale gas production in the near term should the upcoming drilling campaign be successful.
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