KrisEnergy to farm out 49% interest in East Seruway PSC

By Febry Silaban

SGX-listed KrisEnergy Ltd., an independent upstream oil and gas company, is seeking partner to participate in the development of the East Seruway PSC offshore North Sumatra Basin, according to an industry source.

?The company is offering up to 49 percent working interest in the East Seruway PSC at ground floor a pro rata share of back costs,? the source told Petromindo.com, adding that preference will be given to companies that also bid for the Block A PSC in Aceh.

The source explained, the opportunity is a low-cost entry to participate in drilling a proven oil and gas play in proximity to infrastructure. The Titis-1 exploration well, scheduled to be drilled in the first-half of 2016, holds an unrisked resource potential of 17 mmboe with an additional 57 mmboe follow-up potential in six nearby structures.

The block was signed by Serica East Seruway B.V. on Nov. 13, 2008, through direct offer. KrisEnergy acquired a 100 percent operating interest in the block through the acquisition of Serica?s Indonesian assets in October 2011.

Editing by Reiner Simanjuntak