KrisEnergy completes Vietnam farm-out
After several delays, Singapore’s oil and gas company KrisEnergy has completed a farm-out agreement for its entire working interest in Block 115/09 located offshore Vietnam.
KrisEnergy entered into the initial farm-out agreement with an unnamed “major international oil and gas company” for the transfer of its entire 100 per cent working interest in Block 115/09 back in February 2020.
The agreement was made for a nominal cash consideration and considered that the transfer of the exploration block reduces the company’s liabilities and mandatory work commitments comprising a 3D seismic acquisition program of at least 850 square kilometres along with the processing of the data and the drilling of one exploration well.
The farm-out agreement had an initial long stop date of 30 June 2020.
Four extensions of the long stop date later, KrisEnergy has now completed the farm-out agreement with the unnamed company.
In an update on Wedensday, KrisEnergy said that the Vietnamese authorities have approved the transfer of 100 per cent working interest and operatorship of Block 115/09 and the transfer was completed on 31 March 2021.
Block 115/09 covers an area of 7,382 square kilometres in the southern Song Hong Basin where water depths range mainly between 60 meters and 200 meters.