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KrisEnergy completes acquisition of Thai G10/48 unit, takes over operatorship

SINGAPORE -- KrisEnergy refers to the statement dated May 21, 2014, in relation to the acquisition of the entire issued and paid up share capital of MP G10 and states that completion of the acquisition took place on May 27.

The sale and purchase agreement was signed on May 21, 2014, and the effective date for the acquisition is May 27, 2014.

MP G10 will be held under the company’s wholly-owned subsidiary, KEML, and will be renamed as KrisEnergy G10 (Thailand). Following Completion, the company will indirectly hold the operatorship of, and the full 100% working interest in, G10/48.

G10/48 covers 4,696 sq km in the Gulf of Thailand over the southern section of the Pattani basin in water depths of up to 60 m. The license contains the Wassana oil discovery, for which the company intends to submit a Production Area Application in 2014. First production from the Wassana oil development is anticipated in the second half of 2015 and is expected to peak at 10,000 bopd.

Chris Gibson-Robinson, Director Exploration & Production, commented: “We have already built up our technical and operations teams in anticipation of the completion of this acquisition, and it is our intention to finalize the Wassana development concept as soon as possible and declare final investment decision. This will be our first operated field as KrisEnergy to come into production in the Gulf of Thailand and we are committed to the timely execution of the project with emphasis on the environment, health, safety and security.”

05/27/2014

 

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