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Triple Energy to spud two China CBM wells early 2015 with Blue Sky USD 6m investment

14th August 2014

Triple Energy (TNP) has entered into a memorandum of understanding (MoU) with Blue Sky Power Holdings Limited (BSP) to invest up to USD 6m into TNP and its Coal Seam Gas Project in China, subject to confirmatory due diligence over the next two weeks

Triple Energy to spud two China CBM wells early 2015 with Blue Sky USD 6m investment
BSP has entered into a number of MoUs for gas projects in Jiangsu, Shandong, Hainan, Liaoning and Hubei

"TNP welcomes this proposal and MoU by BSP,” said Paul Underwood, TNP chairman. “We have been working with BSP for some time and should this transaction proceed, it should see the next two wells drilled in the very near term. BSP has already conducted primary due diligence on this project and share TNP's enthusiam for the prospect of pilot gas production from the next two wells in early 2015.”

BSP already has a substantial energy portfolio in China and thus TNP's strategy and coal seam gas project in China is complementary to this business model.

BSP is actively transforming into an innovative natural gas provider and distributor with integrated clean energy solutions. It is engaged in the development of natural gas utilisation projects in China, including LNG/CNG stations and gas supply projects for industrial parks and residential communities.

BSP has entered into a number of MoUs for gas projects in Jiangsu, Shandong, Hainan, Liaoning and Hubei.

These projects are either located near gas sources or are aligned with the government's strategies to encourage clean energy application therefore creating substantial market potential. 

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