Industry sources have told Energy Voice that liquidators for financially crippled Asia-focused upstream player KrisEnergy are accepting non-binding offers for the Singapore-based company’s assets.
“Liquidators have been appointed for the disposal of KrisEnergy (Asia) Ltd assets in SE Asia. Non-Binding offers are required by deadline of 7th July, with proposed completion in September 2021. The liquidators are also managing the company in the interim. The assets are offered individually or as a package and include KrisEnergy’s interests in Bangladesh, Cambodia, Indonesia and Thailand; also included is the ‘Ingenium’ production barge in Cambodia,” according to one industry source.
It appears that KrisEnergy, which said on 4 June that it is unable to pay its debts and will proceed to liquidation, wants some early indications to see if anyone is interested in offering anything significant.
However, the industry source warned that “most KrisEnergy assets have hidden liabilities. Apsara in Cambodia is complicated in that decommissioning could be required and there might even be PSC penalties.”
KrisEnergy’s winding up petition will be heard on July 12 in the Grand Court of the Cayman Islands
The Southeast Asian-focused upstream player holds working interests in three producing fields, one offshore Cambodia, one in the Gulf of Thailand and one onshore Bangladesh. It also participates in five blocks in various stages of the exploration and production lifecycle in Indonesia and Thailand. KrisEnergy operates six of the contract areas.
KrisEnergy operates Block 9 (30%) onshore Bangladesh and Block A offshore Cambodia (95%). In Indonesia, it operates the Bulu PSC (42.5%) and Sakti PSC (95%). In Thailand, it is a minority partner in Chevron’s B8/32 and B9A, while KrisEnergy operates G6/48 Reservation Area (30%) and Rossukon Production Area (100%). It also operates G10/48 (89%) in Thailand.