KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, announced Thursday that it has been awarded 100 percent working interest and operatorship of the production sharing contract (PSC) for Block 115/09 offshore Vietnam.
The block was awarded following negotiations between Vietnam Oil and Gas Group (Petrovietnam) and KrisEnergy (Asia) Ltd., a wholly owned subsidiary of the KrisEnergy group of companies.
Block 115/09 covers an area of 2,850 square miles (7,382 square kilometers) in the southern Song Hong Basin where water depths range mainly between 196 feet and 656 feet (60 meters and 200 meters). The PSC has an initial four-year term, with an associated work commitment of reprocessing 1,864 miles (3,000 kilometers) of existing 2D seismic data, the acquisition and processing of 328 square miles (850 square kilometers) of 3D seismic data and a single exploration well. The seismic reprocessing will commence in 2014 and will aid in the identification of the block’s prospective areas over which 3D seismic acquisition will be undertaken.
Chris Gibson-Robinson, KrisEnergy’s director Exploration & Production, commented: “This addition to our portfolio highlights our disciplined approach to new venture acquisitions. We have taken the time necessary to secure material working interests in quality assets with work commitments commensurate to the risk-reward profile of the opportunities. We have already identified multiple petroleum plays within Block 115/09, each with the potential for commercial accumulations of gas/condensate and/or oil. We look forward to working with Petrovietnam as we mature the exploration phase commencing with the seismic acquisition and reprocessing over the next 18 months.”
KrisEnergy also holds a 25 percent non-operated working interest in Block 105-110/04 offshore northern Vietnam and a 25 percent non-operated working interest in Block 120 offshore central Vietnam.
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