KrisEnergy to release interest in Glagah Kambuna TAC end 2013
Friday, November 8 2013 - 01:58 AM WIB
By Romel S. Gurky
SGX-listed firm KrisEnergy Ltd said Friday it expected to relinquish its working interest in the Glagah-Kambuna TAC by the end of 2013 or in the first quarter of 2014.
The company said that it anticipated the closure of the Kambuna gas-condensate field, where production ceased on July 11 of this year.
The Glagah-Kambuna Technical Assistance Contract (TAC) covers 380 sq km in water depths of about 40 meters offshore North Sumatra.
The company holds a 25 percent non-operated working interest in the Glagah-Kambuna TAC. Salamander Energy is the operator of the Glagah-Kambuna TAC with 50 percent working interest and Serica Energy holds 25 percent.
Editing by Reiner Simanjuntak