Singapore: KrisEnergy has entered into an agreement with Chevron Global Energy to acquire the entire issued share capital of Chevron Overseas Petroleum (Cambodia) Limited, which holds a 30% participating interest in, and operatorship of, Cambodia Block A.
Cambodia Block A lies offshore Cambodia where extensive exploration work in the licence area since the mid-2000s resulted in the Apsara oil discovery for which a production permit application was submitted in 2010 and updated in 2012. The contract area covers 4,709 sq km over the Khmer Basin in the Gulf of Thailand where water depths range from 50 m to 80 m.
The total consideration for the transaction is $65m subject to a working capital adjustment. [11/08/14]