KrisEnergy's Vietnamese Sale Delayed

Southeast Asia-focused operator KrisEnergy announced on June 19 that the deadline for closing the sale of a block it operates off Vietnam had been pushed back by three months until September 30. 

The company reached an agreement "with a major international oil and gas company" to sell its entire 100% stake in the block 115/09 production-sharing contract (PSC) in February for a nominal cash consideration.

"While [the] parties are actively working towards the fulfilment of conditions precedents under the farm-out agreement, the transferor and the transferee have mutually agreed in writing to extend the long stop date to September 30 2020, or such later date as may be agreed in writing between parties," Kris said.

Kris says the sale is aimed at reallocating capital to fund near-term development work, including at the Apsara oilfield off Cambodia. The company, which is undergoing debt restructuring, is contending with hefty financial costs and charges as well as weaker earnings as a result of the oil price collapse.