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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  KrisEnergy Ltd.    SK3   KYG532261099

KRISENERGY LTD.

(SK3)
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KrisEnergy, Profab Ink Platform Deal for Cambodia's First Oil Development

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11/13/2019 | 12:56am EST

By Justina Lee

Upstream oil-and-gas company KrisEnergy Ltd. (SK3.SG) said Wednesday that it had signed a deal with Profab Indonesia to build a wellhead platform for the Apsara offshore oil field, Cambodia's first oil development.

Profab, a subsidiary of Houston-based National Oilwell Varco, will build the platform at its facility in Batam, Indonesia, KrisEnergy said in a press release. It didn't disclose financial details of the deal.

The Apsara oil field is Cambodia's maiden oil development and lies in the Khmer Basin, an unproduced reserve in Cambodian waters of the Gulf of Thailand. Production will begin in the first half of 2020 and is expected to eventually yield as much as 7,500 barrels of oil a day, KrisEnergy said.

Cambodia has sought for years to develop the Apsara deposit. U.S. oil major Chevron discovered oil and gas reserves at Apsara in 2004, but exited the Southeast Asian nation a decade later without moving to the production stage. It sold interests in the field to KrisEnergy.

The news comes as cash-strapped KrisEnergy has been working on plans to restructure hundreds of millions of dollars in debt and this week faces the end of a three-month period of court protection from creditors.

KrisEnergy recently sold off an interest in an Indonesian offshore project and said it intends to focus its financial resources on improving operations at fields in Bangladesh and the Gulf of Thailand while also developing the Cambodian project.

Shares of KrisEnergy haven't traded since August.

Write to Justina Lee at justina.lee@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -2.42% 95.71 Delayed Quote.-18.65%
KEPPEL CORPORATION LIMITED -0.60% 6.61 End-of-day quote.-0.30%
KRISENERGY LTD. -3.23% 0.03 End-of-day quote.0.00%
LONDON BRENT OIL -2.69% 52.04 Delayed Quote.-16.85%
NATIONAL OILWELL VARCO, INC. -1.18% 19.245 Delayed Quote.-22.28%
WTI -3.06% 46.96 Delayed Quote.-16.16%
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Financials (USD)
Sales 2018 -
EBIT 2018 -
Net income 2018 -
Debt 2018 -
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P/E ratio 2019 -
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Capi. / Sales2019 -
Capitalization 32,6 M
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Last Close Price 0,03  
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Managers
NameTitle
Chih Hao Tang Chief Executive Officer & Director
Ek Kia Tan Independent Non-Executive Chairman
Sui Keng Ang Chief Financial Officer & Manager-Group Treasurer
Michael David Whibley Vice President-Technical
Tiong Lu Koh Lead Independent Non-Executive Director
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