KrisEnergy Completes Take Over of Block G10/48 in Gulf of Thailand
KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, referred Tuesday to the announcement dated May 21 in relation to the acquisition of the entire issued and paid up share capital of MP G10 (Thailand) Limited and reported that completion of the Acquisition took place today. The sale and purchase agreement was signed May 21, and the effective date for the Acquisition is May 27.
MP G10 will be held under the Company’s wholly-owned subsidiary, KEML, and will be renamed as KrisEnergy G10 (Thailand) Limited. Following Completion, the Company will indirectly hold the operatorship of, and the full 100 percent working interest in G10/48.
G10/48 covers 1,813 square miles (4,696 square kilometers) in the Gulf of Thailand over the southern section of the Pattani Basin in water depths of up to 196 feet (60 meters). The license contains the Wassana oil discovery, for which the Company intends to submit a Production Area Application in 2014. First production from the Wassana oil development is anticipated in the second half of 2015 and is expected to peak at 10,000 barrels of oil per day (bopd).
Chris Gibson-Robinson, director Exploration & Production, commented: “We have already built up our technical and operations teams in anticipation of the completion of this acquisition, and it is our intention to finalize the Wassana development concept as soon as possible and declare final investment decision. This will be our first operated field as KrisEnergy to come into production in the Gulf of Thailand and we are committed to the timely execution of the project with emphasis on the environment, health, safety and security.”
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