KrisEnergy updates on acquisition, contract activities

KrisEnergy Ltd. reports that it has withdrawn from the acquisition process for a 60% operated working interest in the G3/48 exploration license in the Gulf of Thailand as a result of an existing partner exercising its right of pre-emption over the acquisition.

Offshore staff

SINGAPOREKrisEnergy Ltd. reports that it has withdrawn from the acquisition process for a 60% operated working interest in the G3/48 exploration license in the Gulf of Thailand as a result of an existing partner exercising its right of pre-emption over the acquisition.

The company continues to actively seek and assess new venture opportunities in its ongoing strategy to enhance its portfolio in all basins within a focus area stretching from Bangladesh in the West to West Papua in the East, and from offshore southern China in the North to Indonesia in the South.

Additionally, KrisEnergy Ltd. has been awarded the operatorship and a 95% working interest in the Sakti production sharing contract (PSC) offshore East Java in Indonesia, where the company is actively developing gas aggregation opportunities. The other participant is Golden Heaven Jaya Ltd. with a 5% working interest.

The Sakti exploration block covers 4,974 sq km (1,920 sq mi) in the East Java Sea over the western margin of the East Java Basin, Bawean Arch, and the Muriah Trough. Water depths in the area are between 50 m (164 ft) and 60 m (197 ft). The block is proximal to the KrisEnergy operated Bulu PSC and East Muriah PSC, where the company is currently planning the development of the Lengo and East Lengo gas discoveries, respectively.

The PSC has an initial three-year term and an associated work commitment of 1,200-km (745-mi) 2D seismic acquisition and processing, and one exploration well.

KrisEnergy is the operator of six other contract areas in Indonesia – East Seruway offshore North Sumatra, Kutai, and Tanjung Aru offshore East Kalimantan, Bulu, and East Muriah offshore East Java and Udan Emas onshore West Papua.

02/26/2014

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