Triple Energy surges on potential upside to China coal bed...

Triple Energy surges on potential upside to China coal bed methane project acquisition
Friday, January 04, 2013 by Proactive Investors

Triple Energy (ASX:TNP) was sharply up today on huge volumes adding 21.05% to trade at $0.023 a share resulting in a price query by the ASX.
Shares in the company opened at $0.020 a share reaching a high of $0.027 a share with 20,128,297 shares exchanging hands.
Triple Energy said it wasn't aware of any reasons why its shares surged suggesting that the shareholder approval in late December for the acquisition of CFT Holding's coal bed methane project in China, could be leading to investors wanting exposure to the upside to the project.
Near term drilling activity is likely in the first quarter of 2013.
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 (“CJV”) with Longmay Coal Mining Company, one of China’s largest coal miners.
Resource estimates provided by CFT indicate that 2-7 trillion cubic feet of gas is in place in the greater CJV area and hence there is potential for a meaningful scale gas production in the near term.


http://www.proactiveinvestors.com.au/companies/news/37855/triple-energy-surges-on-potential-upside-to-china-coal-bed-methane-project-acquisition-37855.html