Neon Inks Deed to Transfer 42% Stake in Tanjung Aru PSC to KrisEnergy

KrisEnergy Ltd., an independent upstream oil and gas company, executed a deed of assignment to transfer Neon Energy's working interest in the Tanjung Aru production sharing contract (PSC), offshore Kalimantan, Indonesia to the Singapore-listed firm.

KrisEnergy, as operator of Tanjung Aru PSC, issued a default notice April 7 to Neon Energy over the latter’s outstanding due and unpaid cash calls amounting to $1 million arising from a 193.8 square miles (502 square kilometers) 3D broadband seismic acquisition program that was completed in the block in the same month.

"Pursuant to the default and subsequent withdrawal of Neon Energy, a deed of assignment was executed today between KrisEnergy, Neon Energy and Natuna Ventures Pte Ltd. to formalize and effect the transfer of Neon Energy's 42 percent working interest to KrisEnergy," KrisEnergy said in Thursday's press release.

Upon completion of the transfer, which is pending government approval, KrisEnergy will hold 85 percent interest in Tanjung Aru PSC, with the remaning 15 percent stake owned by Natuna.

Separately, Neon Energy disclosed that its formal offer to pay all outstanding cash calls pertaining to the recently completed seismic program in return for KrisEnergy agreeing to rescind the Notice of Withdrawal issued May 5 was declined by the operator.

"KrisEnergy has chosen not to accept the offer, and consequently Neon has executed a Deed of Assignment to effect a transfer of the Company’s 42 percent working interest in the Tanjung Aru PSC to KrisEnergy," Neon Energy said in a company release.

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