East Seruway PSC contract area reduced

By Romel S. Gurky

SGX-listed KrisEnergy Ltd, an independent upstream oil and gas company, said on Thursday that a second and final relinquishment in the East Seruway PSC, in the offshore North Sumatra Basin, reduced the contract area to 1,172 sq km from 4,406 sq km.

KrisEnergy acquired a 100 percent working interest in the East Seruway PSC in October 2011 and became its operator. The exploration block initially covered 5,865 sq km offshore Sumatra over the North Sumatra Basin. Water depths in the Malacca Strait area range from 25 meters and 60 meters.

In an annual report released in April, KrisEnergy said it was seeking to farm out part of its interest in the PSC to third parties to help finance the development of the exploration block.

Editing by Reiner Simanjuntak