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KrisEnergy Signs Agreement with BP for the Sale of its Participating Interest in the Andaman II PSC

Source: 11/19/2019, Location: Asia

KrisEnergy, and together with its subsidiaries, an upstream oil and gas company, refers to its announcement dated 29 October 2019 regarding its acceptance of a binding letter of offer for the disposal of its 30.0% non-operated working interest in the Andaman II production sharing contract in the Malacca Strait, Indonesia.

The Company has announced that it has entered into a conditional sale and purchase agreement with BP Exploration Operating Company for the Disposal, subject to obtaining all necessary approvals including from the Government of Indonesia for the assignment of the working interest. The Disposal comes 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.

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 optimising 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.

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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 

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