KrisEnergy has signed the agreement for the transfer of 100% interest in the exploration block 115/09, located offshore Vietnam
KrisEnergy signs farm-out agreement for Block 115/09 in Vietnam. (Credit: MustangJoe/Pixabay.)
Singapore-based upstream oil and gas firm KrisEnergy, through its Vietnamese subsidiary, has signed a farm-out agreement with an undisclosed international oil and gas company for the Block 115/09.
KrisEnergy has signed the agreement for the transfer of 100% interest in the exploration block 115/09, located offshore Vietnam, for an undisclosed amount.
The company said that it has agreed for the transfer of exploration block, considering the reduction in its liabilities and mandatory work commitments including a 3D seismic acquisition program for a minimum of 850km2, processing of the data and the drilling of one exploration well.
KrisEnergy is planning to allocate its limited capital to fund the development of Apsara oil field in Cambodia Block A, and the transfer would be its ordinary business, which would not alter its risk profile.
KrisEnergy is engaged in exploration, development and production
The transfer of working interest and operatorship in Block 115/09 is subject to various conditions including approvals from the relevant government authorities. The farm-out agreement is effective until 30 June 2020.
KrisEnergy is an independent upstream company engaged in the exploration, development and production of oil and gas in Southeast Asia.
The company owns working interests in 13 licences, located in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage of around 33,124km2.
In addition, the company participates in nine blocks in different stages of development, appraisal and exploration in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam.
KrisEnergy said that its portfolio contains two producing assets, and nine contract areas containing a combination of development projects, appraisal targets and exploration prospects.
Furthermore, the company claimed that it has geoscientists, engineers and operations specialists with at least 20 years of experience in the upstream oil and gas industry in Southeast Asia and are experienced in every aspect of the exploration and production life cycle.