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    KrisEnergy submits winding-up petition


The company said it is unable to pay its debts.

by: Shardul Sharma

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KrisEnergy submits winding-up petition

Southeast Asia-focused explorer KrisEnergy on June 4 said it is unable to pay its debts and will proceed to liquidation.

The company on June 4 submitted a winding-up petition to the Grand Court of the Cayman Islands. The hearing date for the petition will be fixed, it said.

KrisEnergy said it had filed the petition as its liabilities exceed the value of the assets. Other factors it had considered include the significantly lower ultimate recovery and cash flow from the Apsara development in Cambodia, the lack of an acceptable alternative restructuring option, and the lack of near-term infusion of fresh funds.

The company owns oil and gas assets in Bangladesh, Cambodia, Thailand and Indonesia. It recently sold 100% participating interest in Block 115/09, offshore Vietnam, to Italy's Eni.