KrisEnergy to farm out Bala-Balakang 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 Bala-Balakang PSC (formerly Tanjung Aru PSC) in the Makassar Strait.

?KrisEnergy is offering up to 42 percent working interest in the block at ground floor for a pro rata share of back costs and a full carry on an exploration well," an industry source told Petromindo.com.

The Bala-Balakang block is a unique entry opportunity into both appraisal and frontier exploration in proven plays with multi-tcf potential, according to the source. A 500 sq km of 3D broadbrand seismic data was acquired in 2014 to de-risk the main prospect and the ongoing seismic processing is very encouraging.

The Bala-Balakang PSC was signed by Serica Tanjung Aru B.V. on Dec. 9, 2011 through direct offer. KrisEnergy acquired a 43 percent operating interest in the block through the acquisition of Serica?s Indonesian assets in Oct. 2011. KrisEnergy increased its working interest to 85 percent following the withdrawal of Neon Energy from the block in 2014. The transfer of Neon Energy?s interest to KrisEnergy is pending government approval.

Originally named the Tanjung Aru PSC, the government renamed the block to Bala-Balakang in January 2015. The Bala-Balakang PSC is situated offshore in the Makassar Strait, straddling the shallow waters of the Paternoster platform and the deeper waters of the Kutei Basin. Water depths across the block range from 0-1,100 meters. With the completion of a 3D seismic program in 2014, there are no remaining firm commitments on the block.

Editing by Reiner Simanjuntak