KrisEnergy, operator of Block A, located in the Khmer Trough, offshore Cambodia, continued to offer a farm-in opportunity in the block, up to 47.5%. The company is seeking suitable partners with financial and technical capabilities to participate in the development of the block (Apsara field), following a series of agreements signed with Cambodian government on 23 August 2017. The company intends to retain operatorship, given its expertise in developing small to mid-sized oil fields in the Gulf of Thailand.  KrisEnergy is planning to acquire a 1,200 sq km 3D seismic survey in the block in 2018. The survey will assess the Apsara field area for optimal development planning, and will support the identification of additional prospects in the block.  On 20 October 2017, the company announced that it will proceed with the Final Investment Decision (FID) for the fieldâs first phase development. The company was granted approval by the Cambodia authority for its development plan on 23 August 2017, and was expected to declare the FID for the project within 60 days from approval. First oil is targeted 24 months after the FID, in late 2019.  KrisEnergy is the operator of the block with 95% interest. The remaining 5% interest has been formally transferred to the Cambodian government, via the General Department of State Property and Non Tax of the Ministry of Economy and Finance.  The Apsara field complex will be the first petroleum development in the country. The structure is estimated to hold recoverable 2P reserves of approximately 55 MMbo from the initial stages of development (Phase 1a and Phase 1b). The development concept involves one wellhead platform producing into an FSO for Phase 1a, and three more platforms for Phase 1b. The block contains several other fault blocks which could be developed progressively through multiple phases, depending on commercial success of the initial stage and successful future exploration.  The latest drilling activity in the block was conducted in 2010 by previous operator Chevron with three successful appraisal wells, namely Pimean Akas 3, Pimean Akas 5 and Pimean Akas 6. The wells encountered oil pay in multiple reservoir zones.  For further information, interested parties may contact:  James Parkin  VP Exploration  james.parkin@krisenergy.com   or   Mike Whibley  VP Technical  mike.whibley@krisenergy.com  Background Information  Block A was officially awarded in 2002 to Chevron (70%, operator) and MOECO (30%). The contract block covers an area of 3,083 sq km over the Khmer Basin in the Gulf of Thailand, where water depths range from 50-80 meters.  In 2010, Singapore-based KrisEnergy Ltd, an independent oil and gas company acquired a 23.75% participating interest in block A from Chevron. On 11 August 2014, KrisEnergy acquired an additional 30%, plus operatorship, from Chevron. The transaction was valued at USD 65 million and subject to working capital adjustment.  In November 2011, the former Cambodian petroleum regulator, Cambodian National Petroleum Authority (CNPA), notified the Block A joint venture of its intention to exercise its right to assume a 5% participating interest in the block.  A production permit application (PPA) for the Apsara discovery was submitted in 2010 and updated in 2012 by Chevron. An updated PPA was submitted by the new operator KrisEnergy in November 2014. As of December 2016, the PAA was still under review by Cambodian Ministry of Mines and Energy (MME). Likewise, negotiations between KrisEnergy and the MME were ongoing regarding the 5% interest transfer and the renegotiation of fiscal terms for the Block A contract.  Phase one of the Apsara project involves up to 20 development wells from single platform with oil will be processed and stored in a FPSO prior to commercial sales. This concept is similar to other fields in the Gulf of Thailand. Peak production from the field is expected to be at 10,000 barrels oil per day.  First oil production is expected 24 months after the FID.  KrisEnergy was previously holding a 52.25% operating interest in the block, with partners MOECO (28.5%) and GS Energy 14.25%. Both partners withdrew from the block in October 2016, leaving KrisEnergy as sole rightholder (pending the 5% transfer to Cambodian government).
KrisEnergy, operator of Block A, located in the Khmer Trough, offshore Cambodia, continued to offer a farm-in opportunity in the block, up to 47.5%.