KrisEnergy extends portfolio in Indonesia with award of Udan Emas PSC

(25 May 2012) -- Upstream oil and gas company, KrisEnergy Ltd, is pleased to announce that it has strengthened its portfolio in Indonesia with the award of the Udan Emas production sharing contract (PSC) onshore West Papua.

KrisEnergy was awarded a 100% working interest and operatorship of the Udan Emas PSC, which covers 5,400 sq km in the neck of the Bird?s Head area onshore West Papua. The exploration block lies over the Bintuni Basin, a proven prolific gas province containing the Tangguh gas field and associated liquefied natural gas facilities.

With this award, KrisEnergy holds working interests in seven blocks in Indonesia, six of which it operates. The Indonesian portfolio contains the non-operated gas-condensate producing Glagah-Kambuna Technical Assistance Contract (TAC), gas discoveries awaiting appraisal in the Kutai, Bulu and East Muriah PSCs, and exploration opportunities in the East Seruway, Tanjung Aru and Udan Emas blocks.

?Our interests in Indonesia now stretch from North Sumatra, through East Java and East Kalimantan, to West Papua, and our portfolio extends throughout the upstream lifecycle from production to appraisal/development, and exploration. West Papua is an area where our team has extensive experience and we are delighted to have been awarded this relatively unexplored acreage,? said Chris Gibson-Robinson, Director Exploration & Production. (ends)