KrisEnergy takes over Neon Energy?s interest
Thursday, June 19 2014 - 01:29 PM WIB
SGX-listed KrisEnergy Ltd, the operator of the Tanjung Aru PSC offshore East Kalimantan, announced on Thursday that it has taken over the 42 percent working interest in the block owned by its partner, Neon Energy (Indonesia) Pty Ltd, following the latter?s failure to pay its share of costs in the block.
?Pursuant to the default and subsequent withdrawal of Neon Energy, a deed of assignment was executed today between KrisEnergy, Neon Energy and Natuna to formalise and effect the transfer of Neon Energy?s 42 percent working interest to KrisEnergy,? the firm said.
?The completion of such transfer is pending government approval. Upon completion, KrisEnergy will hold 85 percent working interest in Indonesia Tanjung Aru PSC,? it added.
The remaining 15 percent interest in the block is held by Natuna Ventures Pte. Ltd.
KrisEnergy issued a default notice on April 7, 2014 to Neon Energy in respect of the latter?s outstanding due and unpaid cash calls amounting to US$1,000,000, including default interest at LIBOR plus 3 percent, relating to a 502 sq km 3D broadband seismic acquisition program completed in the Tanjung Aru PSC in April 2014.
On May 5, 2014, it annnounded its plan to take over the Neon Energy?s interest.
Editing by Johannes Simbolon