Gulf Oil and Gas accountACCOUNT

KrisEnergy to Sell Its Interest in the Andaman II PSC

Source: www.gulfoilandgas.com 10/29/2019, Location: Asia

KrisEnergy has accepted a binding letter of offer by a major international oil and gas company for the disposal of a 30% non-operated working interest in the Andaman II production sharing contract (PSC) in the Malacca Strait, Indonesia.

The binding letter of offer for the Disposal was accepted after taking into consideration the future exploration cost and risks associated with deepwater activities. The Board believes it is more prudent to allocate KrisEnergy’s limited capital to funding near-term development.

Completion under the Disposal including its terms is subject to inter alia obtaining all necessary approvals from the Government of Indonesia for the assignment of the working interest and the satisfactory completion of due diligence by the intended purchaser. The long stop date for the Disposal is 31 March 2020. The terms of the Disposal set out in the letter of offer are subject to certain assumptions and the execution and delivery of a definitive sale and purchase agreement and the consideration for the Disposal will be payable only upon completion.

The Andaman II PSC is an exploration block over the North Sumatra Basin covering an area of 7,400 sq km. The Disposal is in line with the Group’s risk mitigation, intention to reduce future exposure to exploration capital expenditure and strategy to focus its limited financial resources on optimizing operations at its existing producing assets in Bangladesh and the Gulf of Thailand and progressing the development of the Apsara oil field in Cambodia block A.

The Disposal is in the Company’s ordinary course of business and does not change the Company’s risk profile.

Due to confidentiality obligations and the conditional nature of the Disposal, the identity of the intended purchaser and the purchase price cannot be disclosed at this time but the Company will make such disclosure at the appropriate time.



Acquisitions and Divestitures News in Indonesia >>

Gambia >>  9/19/2020 - PetroNor, the independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Sah...
Brazil >>  9/17/2020 - Petrobras, informs that it has started the opportunity disclosure stage (teaser), referring to the sale of all its shares in the company Araucária Nit...

United Kingdom >>  9/16/2020 - IGas Energy has entered into a share purchase agreement ('SPA') to acquire GT Energy UK, a developer of deep geothermal heat projects onshore in the U...
Australia >>  9/15/2020 - Further to the previous announcement of 15 June 2020, Armour Energy has advised that agreement has been reached with Oilex to defer the date for the s...

Colombia >>  9/15/2020 - Petrobras, following up on the releases disclosed on 07/27/2020 and 08/11/2020, informs the beginning of the binding phase regarding the sale of its e...
Australia >>  9/14/2020 - - Definitive documentation for farmout to Talon Petroleum executed.

- Walyering appraisal well to be added to CY21 Perth Basin drilling pro...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

Oil & Gas Projects in Indonesia >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.