Triple Energy to Raise Funds for China Coal Mine Gas project

Australia listed Triple Energy is raising approximately $1 million through share placement to finance the drilling operations at company's coal mine gas project located in Heilongjiang province in China and general working capital. 

In particular it is anticipated that these supplemental funds will enable the company to ensure that the technical scope of the first two planned wells allows for the acquisition of sufficient data toadvance the project towards development, the company said in a statement.

The drilling unit is now ready to mobilise to the site of the first well. The well is expected to take 20 days to drill to total depth of around 900 metres with testing procedures taking around another 5-10 days. Currently bad weather has delayed progress on the site, Triple Energy said.