KrisEnergy Takes Over as Operator of Vietnam's Offshore Block 105
Singapore-listed KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, announced Monday that it is increasing its working interest in Block 105-110/4 (Block 105) and taking over operatorship of the production sharing contract following the execution of a deed of assignment March 9 between Eni Vietnam B.V. (Eni Vietnam) and KrisEnergy (Song Hong 105) Ltd (KrisEnergy 105) (Deed).
Pursuant to the Deed, which is effective Dec. 31, 2014, Eni Vietnam’s 66.67 percent working interest in and operatorship of Block 105 will transfer to KrisEnergy 105, subject to the approval of the Ministry of Industry and Trade of Vietnam (MoIT). Prior to the Deed, KrisEnergy 105 held 33.33 percent working interest in Block 105. In January, MoIT granted a 12-month extension to the Phase 1 Exploration Period, to Feb. 2, 2016.
Chris Gibson-Robinson, KrisEnergy’s director Exploration & Production, commented: “Following a 12-month extension of the exploration period at the beginning of 2015, we are still keen to investigate the prospectivity of several play types in Block 105 particularly the faulted Tertiary plays on the western margin of the contract area. We are also in discussions with other parties who have expressed an interest in joining us in Block 105.”
Block 105 covers 2,777 square miles (7,192 square kilometers) in the Gulf of Tonkin, overlying the central Song Hong Basin where water depths range from 66 feet (20 meters) to 262 feet (80 meters). A single exploration well, Cua Lo-1, was drilled in the contract area in 2013, which confirmed the existence of a petroleum system within the block.
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