KrisEnergy relinquishes two upstream assets in RI
Thursday, February 23 2017 - 02:58 AM WIB
SGX-listed upstream oil and gas company KrisEnergy Ltd is in the process of relinquishing two upstream assets in Indonesia namely the Kutai production sharing contract (PSC) in Makassar Strait and the East Muriah PSC in East Java Sea.
The company said in a statement Thursday it decided to relinquish the assets ?to reduce potential future high risk exploration obligations that these assets would require.?
KrisEnergy said it has submitted application to relinquish the two assets to the Indonesian authorities.
KrisEnergy holds a 78 percent interest in the Kutai PSC, located within the Kutai Basin, offshore in the Mahakam River delta. The PSC covers 944 sq km in water depths of 50 to 90 meters. The block contains the Dambus, Mangkok and Tayum gas discoveries.
The company holds a 50 percent operating working interest in the East Muriah PSC and is partnered by AWE Limited, which holds the remaining 50 percent.
Editing by Reiner Simanjuntak