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

KRISENERGY LTD.

(SK3)
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KrisEnergy : cuts 1st steel for Cambodia Apsara oil platform

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12/09/2019 | 08:24am EDT

Singapore - KrisEnergy Ltd. ('KrisEnergy' or 'the Company'), an independent upstream oil and gas company, is pleased to announce that on 6 December 2019 a ceremony was held to mark the cutting of first steel for the minimum facilities wellhead platform (the 'MiniPlatform') for the Apsara oil field in Block A, offshore Cambodia, the nation's maiden hydrocarbon development.

The ceremony, held at the PT Profab1 facility on Batam Island, Indonesia, was attended by a delegation from the Royal Government of Cambodia led by H.E. Meng Saktheara, Secretary of State, Ministry Mines and Energy ('MME'); H.E. Cheap Sour, Director General of Petroleum, MME and Siek Sopheak, Deputy Director General, General Department of State Property and Non Tax Revenue of the Ministry of Economics and Finance. KrisEnergy was represented by Kelvin Tang, Chief Executive Officer and President of Cambodian operations, and Brian Helyer, VP Operations.

The Apsara field in Cambodia Block A lies over the Khmer Basin, an unproduced geological basin in Cambodian maritime waters of the Gulf of Thailand. Due to the unproven production performance of the basin, development of the Apsara area will be in several phases to mitigate risk and provide time for the collection and analysis of critical data to be applied in future phases.

This development phase, Mini Phase 1A, comprises the Mini-Platform and five initial development wells connected to the Ingenium II production barge for oil, gas and water processing. Shuttle tankers will transport crude oil from the barge. Apsara oil is scheduled to flow in the first half of 2020 and the field is expected to reach a peak rate of 7,500 barrels of oil per day. A detailed description of the Apsara Mini Phase 1A development is attached to this press release.

Upgrading and refurbishment of Ingenium II commenced in November 2018 in Keppel Shipyard Ltd's Benoi facility in Singapore. Installation and integration have been completed for all main new packages - power generation, central control room, electrical switch room, living quarters, pedestal crane, electrical transformers and produced water processing package - and mechanical completion of all systems is scheduled for December 2019 before commissioning in January 2020. Bids were received in November 2019 for the drilling rig tender, which is expected to be awarded shortly.

'Today is a milestone in the development of the Apsara oil field. We congratulate the KrisEnergy team on their progress not only on the Mini-Platform but also on the Ingenium II vessel in Singapore. Producing Cambodia's first oil in our offshore waters will be a major step along our road to economic development and national prosperity and is aligned with the Government's key development goals,' said H.E. Meng Saktheara.

Mr. Tang commented: 'We welcome to Batam Island our esteemed guests from the Royal Government of Cambodia to witness the cutting of first steel as we continue to progress multiple workstreams. The cutting of first steel is cause for celebration. It signifies that after years of planning, construction of the main structure is underway. However, we must not forget that a lot of work has been, and continues to be, carried out on other areas of the Apsara development. As well as the refurbishment of the production barge, we have completed the acquisition of 1,200 sq. km of 3D seismic data and a geophysical survey at the platform location. So far we have achieved almost 565,000 man-hours on this project without a single lost time injury and it is full steam ahead towards Apsara first oil in 2020.' Below is a representation of the Apsara oil field arrangement in Block A, offshore Cambodia.

Contact:

Tanya Pang

Tel: +65 6838 5430

Email: tanya.pang@krisenergy.com

About KrisEnergy

KrisEnergy Ltd. is an independent upstream company focused on the exploration for and the development and production of oil and gas in Southeast Asia. The Company holds working interests in three producing oil and/or gas licences, two in the Gulf of Thailand and one onshore Bangladesh. It also participates in 10 blocks in various stages of development, appraisal and exploration in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. KrisEnergy operates nine of the contract areas. KrisEnergy's shares are listed on the mainboard of Singapore Exchange Trading Ltd under the ticker SK3.

(C) 2019 Electronic News Publishing, source ENP Newswire

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