Singapore - KrisEnergy Ltd. (the 'Company') and together with its subsidiaries (the 'KEL Group'), an independent upstream oil and gas company, refers to the following announcements.

The announcement dated 30 December 2020 in relation to the entry into of an amendment agreement which provides for (a) an interim extension to 30 June 2021 of the maturity date of the US$200.0 million revolving credit facility provided by DBS Bank Ltd ('DBS') as lender to KrisEnergy (Asia) Ltd as borrower (the 'Revolving Credit Facility') and (b) subject to the fulfillment of various conditions precedent, amendment and restatement of the Revolving Credit Facility to effect, among other things, a further extension of the maturity date to 30 June 2024 (the '30 December 2020 Announcement'); 2. the announcement dated 1 February 2021 in relation to the Orders granted by the Singapore High Court to (a) extend an earlier moratorium granted by the Court and (b) sanction its scheme of arrangement dated 20 November 2020 as approved at a meeting convened (the 'Court Meeting') for certain of the Company's creditors ('Scheme Creditors') on 14 January 2021 (as amended) (the 'Scheme') (the '1 February 2021 Announcement'); 3. the announcement dated 20 January 2021 in relation to the launch of a consent solicitation exercise (the 'Consent Solicitation') by the Company in relation to the S$139,464,848 Senior Secured Zero Coupon Notes Due 2024 (ISIN: SG31B6000003) (the 'Zero Coupon Notes') (the '20 January 2021 Announcement'); 4. the announcement dated 11 February 2021 in relation to the results of the meeting of the holders of the Zero Coupon Notes (the 'ZCN Holders') held on 11 February 2021 (the 'ZCN Meeting') and 5. the announcement dated 31 March 2021 which provided an update on Apsara oil field development and the restructuring exercise ('31 March 2021 Announcement').

It also makes reference to the following documents: 1. the explanatory statement dated 20 November 2020 as amended on 27 November 2020 ('Explanatory Statement'); 2. the Scheme; 3. the Notice of Meeting dated 20 January 2021 in relation to the ZCN Meeting published in the Business Times and 4. the consent solicitation statement dated 20 January 2021 (the 'Consent Solicitation Statement') made available to ZCN Holders.

Background to KEL's restructuring

On 14 August 2019, the Company announced that the lower oil prices and lower sales impacted its revenue for the first half of its financial year ended 30 June 2019. The net loss for the six months ended 30 June 2019 resulted in a capital deficiency position for the KEL Group, bringing the total debt recognised on the KEL Group's balance sheet to US$476.8 million as at 30 June 2019. As at 30 June 2019, the KEL Group's gearing was 110.8% and it was not feasible for the Company to make all the payment(s) of its financial obligations as they fell due. It was necessary for the Company to restructure its liabilities. The Company worked together with its legal advisors and financial advisors / restructuring consultants to formulate a plan for the restructuring of its liabilities.

Key stakeholders were consulted during the process. The final restructuring proposal was premised on the development of the Apsara Mini Phase 1A oil field in the Block A concession offshore Cambodia ('CBA') based on certain production projections.

CBA was anticipated to be the asset which would generate the most revenue within the KEL Group. The Apsara Mini Phase 1A development was an initial small-scale project in order to observe and appraise reservoir performance in CBA. A successful development of Apsara Mini Phase 1A would provide important reservoir performance in addition to generating cash flows and could lead to future phases of development. The development of CBA formed the basis of the Company's restructuring as the Company expected the bulk of the KEL Group's future revenue to come from CBA once it Apsara Mini Phase 1A commenced production. This was explained in the Explanatory Statement and / or the 31 March 2021 Announcement.

Contact:

Tanya Pang

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 fields, one each in the Gulf of Thailand and offshore Cambodia, and one onshore Bangladesh. It also participates in five blocks in various stages of the E&P lifecycle in Indonesia and Thailand. KrisEnergy operates six of the contract areas.

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