KrisEnergy Proceeds With Wassana Oil Field Development in Gulf of Thailand

KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, announced Monday that it has approved final investment decision for the development of the Wassana oil field in the Gulf of Thailand G10/48 license where production is anticipated to commence in the second half of 2015.

The Wassana development concept comprises a mobile offshore production unit (MOPU) and 12-14 development wells producing to a floating storage offloading vessel. The Company has secured the use of a converted Bethlehem Matt Type jackup currently employed as a MOPU offshore Malaysia. The unit is suitable for water depths up to 213 feet (65 meters) and has full hydrocarbon processing facility for up to 20,000 barrels of oil per day (bopd) and a water injection capacity of 15,000 barrels per day. KrisEnergy will take delivery of the MOPU in September 2014 when it will go into drydock for inspection and minor refurbishments.

KrisEnergy holds 100 percent working interest in G10/48, which covers 1,813 square miles (4,696 square kilometers) over the southern section of the Pattani Basin in water depths up to 196 feet (60 meters). The license contains 3 oil discoveries - Wassana, Niramai and Mayura - in various stages of development or appraisal. The Wassana oil field is expected to reach a peak production of 10,000 bopd.

Chris Gibson-Robinson, director Exploration & Production, commented: “Having taken over operatorship of G10/48 in mid-May we are making good headway in advancing the Wassana development. The MOPU solution is efficient both in timing and costs, but also provides the flexibility to look at future commercialization of other discoveries in the G10/48 license area. We have also mapped a portfolio of prospects and leads in this block, some of which will provide additional development areas once we have completed further exploration drilling.”


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