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    SK3   KYG532261099

KRISENERGY LTD.

(SK3)
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Cambodia unclear on oil plans after partner heads towards liquidation

06/10/2021 | 10:55am EDT

PHNOM PENH (Reuters) - Cambodia's government said on Thursday it had no immediate plan for maintaining oil production in the country, after its partner KrisEnergy announced it was headed to liquidation, just five months after extracting the country's first drop of oil.

Singapore-listed KrisEnergy said on June 4 that it was "unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation".

KrisEnergy signed a pact with Cambodia's government in 2017 to develop 3,083 sq km (1,190 sq miles) of the Khmer basin in the Gulf of Thailand known as Block A, after it bought out Chevron's operating interest in 2014 for $65 million.

"I can't predict ... I can't answer this question, lets wait and see," Ministry of Mines and Energy spokesman said when asked about future oil production.

Tanya Pang, KrisEnergy Vice President, declined to comment when contacted by email, referring Reuters to past statements.

However, Cambodian government officials still celebrated the first drop of oil at a preservation ceremony in Phnom Penh on Wednesday, five days after KrisEnergy made its announcement.

(Reporting by Prak Chan Thul; Editing by Martin Petty)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.10% 1785.888 Delayed Quote.-6.79%
KRISENERGY LTD. -3.23% 0.03 End-of-day quote.0.00%
LONDON BRENT OIL -0.41% 74.49 Delayed Quote.42.48%
S&P GSCI GOLD INDEX 0.54% 1039.9979 Delayed Quote.-6.65%
SILVER 0.16% 25.985 Delayed Quote.-1.69%
WTI -0.49% 72.69 Delayed Quote.49.08%
All news about KRISENERGY LTD.
06/18KRISENERGY  : to Place Subsidiary into Creditors' Voluntary Liquidation
MT
06/13KRISENERGY  : Cayman Court to Hear KrisEnergy's Winding Up Petition on July 12
MT
06/11GENERAL ANNOUNCEMENT : :Hearing date for Winding Up Petition
PU
06/10Cambodia unclear on oil plans after partner heads towards liquidation
RE
06/08KRISENERGY  : Receipt of Notices from DBS Bank Ltd. and Madison Pacific Trust Li..
AQ
06/08Singapore Shares Drop into Red on Tuesday; Keppel Slides 1% on KrisEnergy Liq..
MT
06/08KrisEnergy Receives Default Notices after Filing Winding-Up Petition
MT
06/08Keppel to Incur $240 Million Loss on Liquidation of KrisEnergy
MT
06/07GENERAL ANNOUNCEMENT : :Receipt of Notices from DBS Bank Ltd. and Madison Pacifi..
PU
06/07KRISENERGY  : submits Winding up Petition
AQ
More news
Financials (USD)
Sales 2020 45,4 M - -
Net income 2020 -201 M - -
Net Debt 2020 546 M - -
P/E ratio 2020 -0,22x
Yield 2020 -
Capitalization 32,6 M 33,5 M -
EV / Sales 2019 4,03x
EV / Sales 2020 12,7x
Nbr of Employees 90
Free-Float 74,9%
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Income Statement Evolution
Managers and Directors
NameTitle
Chih Hao Tang Chief Executive Officer & Director
Sui Keng Ang Chief Financial Officer & Manager-Group Treasurer
Ek Kia Tan Independent Non-Executive Chairman
Michael David Whibley Vice President-Technical
Brian Helyer Vice President-Operations
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