Krisenergy Signs Agreement with BP for the Sale of its Participating Interest in Andaman II Psc

Source Press Release
Company KrisEnergy LimitedBP Plc. 
Tags Asset Deals, Deals, Upstream Activities
Date November 19, 2019

KrisEnergy Ltd. (“KrisEnergy” or the “Company”, and together with its subsidiaries, the “Group”), an upstream oil and gas company, refers to its announcement dated 29 October 2019 regarding its acceptance of a binding letter of offer for the disposal of its 30.0% non-operated working interest in the Andaman II production sharing contract in the Malacca Strait, Indonesia (the “Disposal”).

The Company announces that it has entered into a conditional sale and purchase agreement with BP Exploration Operating Company Limited for the Disposal, subject to obtaining all necessary approvals including from the Government of Indonesia for the assignment of the working interest.

The Disposal comes after taking into consideration the future exploration cost and risks associated with deepwater activities. The Board believes it is more prudent to allocate KrisEnergy’s limited capital to funding near-term development.

There is no certainty or assurance as at the date of this announcement that the Disposal will be completed. Shareholders, noteholders and potential investors of the Company should exercise caution when dealing in the Company’s securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.

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